Recommendations to improve warehouse operations in quang ninh port joint stock company

MINISTRY OF TRANSPORTATION MINISTRY OF EDUCATION & TRAINING VIETNAM MARITIME UNIVERSITY STUDENT NAME: VU THI LUONG DISSERTATION GLOBAL STUDIES AND MARITIME AFFAIRS RECOMMENDATIONS TO

MINISTRY OF TRANSPORTATION MINISTRY OF EDUCATION & TRAINING

VIETNAM MARITIME UNIVERSITY

STUDENT NAME: VU THI LUONG

DISSERTATION GLOBAL STUDIES AND MARITIME AFFAIRS

RECOMMENDATIONS TO IMPROVE WAREHOUSE

OPERATIONS IN QUANG NINH PORT JOINT STOCK

COMPANY

MINISTRY OF TRANSPORTATION MINISTRY OF EDUCATION & TRAINING

VIETNAM MARITIME UNIVERSITY

STUDENT NAME: VU THI LUONG CLASS: GMA 02

DISSERTATION GLOBAL STUDIES AND MARITIME AFFAIRS

RECOMMENDATIONS TO IMPROVE WAREHOUSE

OPERATIONS IN QUANG NINH PORT JOINT STOCK

COMPANY

Supervisor: Hoang Thi Lich

Division : Global Studies and Maritime Affairs

Faculty : Economics

Vu Thi Luong – GMA 02

PREFACE

Because of globalization trend of economy, Viet Nam has had significant improvement

to integrate into general development of world economy Trading and commercial activities among states is more and more developing, this leads to high demand of cargo transportation, therein port plays an important role Ports are considered as

“connecting bridge” motivating economic exchange Especially, since Viet Nam implemented reform policies, port system in Viet Nam has expanded and upgraded to satisfy demands of domestic and abroad cargo transportation

The economic development of the country and around the world requires the exchange

of trade and commerce between countries and regions Therefore, export and import operations are increasingly improved leading to the speed of cargo throughput also increases However, cargo cannot always be adapted to go straight all the time Consequently, the appearance of storage services to store merchandise is really necessary That set off for now the question as: how is warehouse operation and how to improve warehouse operations These questions will be addressed according to the specific characteristics of the business, from which each business sets the direction and development goals are different To do this, the company provides warehousing services need to measure innovation, enhancements to improve warehouse operations

Therefore, I chose the topic “Suggestions to improve warehouse operations in

Quang Ninh Port Joint Stock Company”

I choose this topic because recently Vietnam is increasingly becoming a country, which import a great volume of bulk cargoes like agricultural products and fertilizers, which need to be stored if it cannot go straight Therefore, warehouse operation activities play

an indispensable role in the efficiency of port operation In this report, I will describe the whole results of this study trip, reality that I see and some information as well as some solutions I recommend to deal with some problems of warehouse operation in Quang Ninh Port Joint Stock Company

The main contents of the dissertation consist of three main parts:

Chapter I: Literature overview

Chapter II: Evaluation warehouse operations in Quang Ninh Port Joint Stock Company

Chapter III: Recommendations for a number of measures to improve warehouse operations in Quang Ninh Port Joint Stock Company

Vu Thi Luong – GMA 02

ACKNOWLEGEMENT

Although I have tried to learn and study documents in the fields of topic, but the dissertation are inevitable shortcomings Therefore, I would like to receive comments, complement, and repair from the lecturers

In particular, I would like to thank the lecturer Ms Hoang Thi Lich, who guided me all the time of research and writing of this thesis and the staffs in Quang Ninh Port Joint Stock Company helped me to complete the dissertation

I declare that this report is my own unaided work It has not been submitted before If violated, I am solely responsible for and bear the punishments of the Institution and University

Student Name and Signature

Table of Contents

PREFACE i

ACKNOWLEGEMENT iii

LIST OF ABBREVIATIONS vi

LIST OF TABLES vii

LIST OF CHARTS vii

INTRODUCTION 1

1 Necessity 1

2 Research Purposes 1

3 Research Object 2

4 Research Scope 2

5 Methodology 2

CHAPTER 1: LITERATURE OVERVIEW 3

1.1 General information of warehouse 3

1.1.1 The definition of warehouse and warehouse operation 3

1.1.2 Justification for selection of warehouse capacity 4

1.1.3 Warehouse classification 4

1.1.3.1 Warehouse classification based on ownership 4

1.1.3.2 Warehouse classification based on items 5

1.1.3.3 Warehouse classification based on architecture 6

1.1.3.4 Main warehouse services 6

1.2 The indicators to evaluate warehouse operations 7

1.2.1 Safety 7

1.2.2 Dwell Time 8

1.2.3 Storage Space 8

1.2.4 Cargo preservation 8

1.2.5 The area utilization 9

CHAPTER 2: EVALUATION OF WAREHOUSE OPERATIONS IN QUANG NINH PORT JOINT STOCK COMPANY 10

2.1 Overview of Quang Ninh Port Joint Stock Company 10

2.1.1 General information 10

Vu Thi Luong – GMA 02

2.1.2.Business lines……….11

2.1.3.Company structure……….… 12

2.1.4.Facilities and Equipment 13

2.1.4.1 Facilities 13

2.1.4.2 Equipment 13

2.1.5 Personnel 14

2.1.6 Business status 15

2.1.7 Future development 17

2.2 Evaluation of warehouse operations in Quang Ninh Port JSC 18

2.2.1 General information of warehouses and yards of Quang Ninh Port JSC 18 2.2.1.1 Types of warehouse and yards 18

2.2.1.2 Warehouse of dry bulk cargo 19

2.2.2 The process of warehouse service supply………21

2.2.3 Evaluation of warehouse operations 22

2.2.2.1 Safety 22

2.2.2.2 Dwell time 23

2.2.2.3 Storage capacity 29

2.2.2.4 Cargo preservation 30

2.2.2.5 The area utilization 31

2.2.3 General evaluation 32

CHAPTER 3: RECOMMENDATIONS TO IMPROVE WAREHOUSE OPERATIONS IN QUANG NINH PORT JOINT STOCK COMPANY 34

3.1 Strengths and Weaknesses 34

3.1.1 Strengths 34

3.1.2 Weaknesses 35

3.2 Recommendations 36

CONCLUSION 39

References 41

LIST OF ABBREVIATIONS

JSC JOINT STOCK COMPANY

ISO INTERNATIONAL ORGANIZATION FOR STANDARDISATION

CFS CONTAINER FREIGHT STATION

Vu Thi Luong – GMA 02

LIST OF TABLES

TABLE 1: Business Status (2013 – 2014) 14 TABLE 2: Business Results in the First Six Months in 2015 15 TABLE 3: Cargo Throughput and Revenue of Warehouse Operations (2013 – 2014 and the First Nine Months in 2015) 19 TABLE 4: Summary Cargo Throughput of Warehouse in the First Nine Months in 2014 21 TABLE 5: The Input, Output and Inventory for Each Months (2014) 23 TABLE 6: Summary Cargo Throughput of Warehouse in the First Nine Months in 2015 24 TABLE 7: The Input, Output and Inventory for Each Months (2015) 26 TABLE 8: Maximum Capacity Utilization of Warehouse in the First Nine Months in

2014 - 2015 27 TABLE 9: Maximum Area Utilization of Warehouse in the First Nine Months in 2014

- 2015 29

LIST OF CHARTS

CHART 1: The Volume of Cargo Throughput in Warehouses ……… 20 CHART 2: The Changes of Input, Output and Inventory (2014) … ………….… 23 CHART 3: The Changes of Input, Output and Inventory (2014) … ……… 26 CHART 4: Real Cargo Loss (2014) ……… 28 CHART 5: Real Cargo Loss (2015)……… 28

INTRODUCTION

1 Necessity

Vietnam is a developing country with high development speed International economy and finance organizations offered evaluation and positive forecast about economic development of country in near future Along with the economy development and integration is the increase of logistics business sector Logistics is a new field in Vietnam in recent years, especially in the period of opened market, while import and export activities is pushing up, logistics activities play a pivotal role creating suitable conditions for Vietnam’s enterprises joining in international market The development

of logistics services ensure produced operation, ensuring the time and the quality of other business services Logistics develop considerably would bring the ability of reduce cost, improve the quality of products This is an action meaning as a chain, the efficiency of this activity plays an important role for the competition of industry and commerce of each country Therefore, with the extremely important position in the whole chain of logistics services, warehousing are contributing in huge part to revenues and profits as well as the development of logistics Without warehouses, logistic activities cannot take place effectively It not only plays an important role for the business but also plays a pivotal role for partner, organizations, national economy by saving the cost of production, preservation and storage, transport costs In other words, warehouses contribute to increase the value of goods, increase service quality, meeting customer needs However, reality shows that this activity in our country is relatively backward and inefficient Thus, how to improve warehouse operations, the matter that both business providing services and clients concerned In order to better understand the situation of warehouse activities of businesses providing storage services, I want to mention directly to a particular company, such as Quang Ninh Joint Stock Company

2 Research Purposes

First and foremost, this dissertation contributes to supplement the logistics knowledge

in general and specific warehouse operation insight in particular Based on the relationship with logistics system in logistics enterprises, this dissertation would like to provide the specific theories of warehouse operation Along with this, theoretical knowledge will be applied in to real situations in order to solve troubles This dissertation focuses on the situation of warehouse operation of Quang Ninh Port Joint

Stock Company in order to understand specifically about logistics activities of a particular company Additionally, this dissertation contributes to recommend a handful

of solutions to improve warehouse operations in particular and the business situation of the company in general

 Secondary data collection

To evaluate the company’s business, I refer to data from the company and the Website

of Quang Ninh Port SJC, including the final report, financial statements, and reports of personnel through the year of the company

 Statistical analysis

Data analysis is based on comparative method which is commonly used, we can compare the situation of business activities of the company over the years and compares revenue, cargo volume, the total revenue or profit of the company over the years

 Observation

In the period of internship in Quang Ninh Port JSC, I used this method in order to observe facilities as well as equipment which company has being utilized and working manner of employees

CHAPTER 1: LITERATURE OVERVIEW

1.1 General information of warehouse

1.1.1 The definition of warehouse and warehouse operation

A warehouse is a commercial building for storage of goods Warehouses are usually large plain buildings locating in industrial areas of cities, towns and villages and used

by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc They usually have loading docks to load and unload goods from trucks Sometimes warehouses are also designed for the loading and discharging of goods directly from railways, seaports or airports They often use equipment like cranes and forklifts for moving goods, which are usually placed on ISO standard pallets loaded into pallet racks Stored goods can include any raw materials, packing materials, spare parts, components, or finished goods associated with agriculture, manufacturing and production ( PhD Nguyen Van Son & Master Le Thi Nguyen)

A warehouse provides a central location for receiving, storing and distributing products When each import or export shipment arrives, responsibility for the goods which is transferred to warehouse, cargoes are identified, sorted and dispatched to their temporary storage location Storage isn’t a static “thing” but rather a process that includes measures of security and maintaining a preservation environment that ensures the integrity and usefulness of the categories When each item should be select and move, each order is retrieved, grouped, packaged and checked for completeness before being dispatched to their new destination ( PhD Nguyen Van Son & Master Le Thi Nguyen)

In the other word, “warehousing” is the storage of goods until they are needed to dispatch to customers The purpose of warehouse operations is to satisfy the customers’ needs and requirements while using facilities, equipment and labor effectively The goods must be preserved and protected to ensure the quantity as well as quality of cargoes In order to meet this goal, company requires creating constant planning and ongoing change An effective warehouse operation must include all the equipment which is needed for providing timely and accuracy shipping, receiving and perpetual inventory control (Swift technologies – Warehouse operation)

Warehouse operations and activity fall into the following activities:

- Goods in or receiving: assessing when goods will actually be arriving and taking action to scheduled receipts can help to improve the workload scheduling

- Put away into the storage area: space utilization can be negatively impacted as space is available and the location is determined by predetermined algorithms

- Order selection and picking/ packing: picking is often a large cause of customer complaints due to wrong products being picked and dispatched to customers A 1% pick error may however easily equate to a 20% or more increase in cost due

to having to make returns, replacements, as these all need more physical movement and extra time to correct the mistake

- Goods outward or despatch: dispatching is a reflection of the goods receipt/ receiving area including establish the correct loading area, ensure that it is safe and suitable for the operation; ensure that the vehicle is safe before loading; obtain the driver’s signature

1.1.2 Justification for selection of warehouse capacity

- If selecting warehouse capacity according to cargo volume, it means that warehouse capacity (WC) is equal cargo volumes (CV), this will cause cargo congestion in warehouse in the period of maximum cargo coming to the port This was overcome by setting up a temporary warehouse Otherwise handling equipment must stop. ( PhD Nguyen Van Son & Master Le Thi Nguyen)

- If selecting warehouse capacity according to cargo throughput of port, it means that warehouse capacity is equal cargo volume through the wharf (CW), leading to waste due to much excess empty capacity of the warehouse in these days when not much cargo through the port. ( PhD Nguyen Van Son & Master Le Thi Nguyen)

Stemming from these arguments we should choose warehouse capacity in the

calculation of the limit: CV ≤ WC ≤ CW ( PhD Nguyen Van Son & Master Le Thi Nguyen)

1.1.3 Warehouse classification

1.1.3.1 Warehouse classification based on ownership

Private warehouses are constructed and owned by the business enterprises in order to store the products produced by them These are exclusively owned and used by the producers themselves and are not meant for other manufacturing or business units (Kyle Lau, 2011)

Public warehouses are open for public at large Most of the business organizations, especially small and medium scale, can’t afford to have their own warehouses on account of large financial investment in their construction and maintenance Public warehouses are very useful to businessmen These warehouses are usually situated near railway lines or main roads, so as to provide quick transportation services. (Kyle Lau, 2011)

Bonded warehouses are used for imported goods which are not granted clearance on account of non-payment of custom duty by the importer of these goods Such warehouses are situated near the ports Goods can’t be removed from these warehouses until the custom duties are paid Bonded warehouses may be run by the government or private agencies (when granted licenses to operate such warehouses) In both the cases there is a strict control and supervision imposed by custom authorities on their operation and functioning. (Kyle Lau, 2011)

A contract warehouse, as a third type of warehouse ownership classification, has the attributes of both private and public warehouses A contract warehouse can also be understood as a customized extension of a public warehouse, which is a long-term business arrangement to provide specific and customized logistic services to the customers. (Kyle Lau, 2011)

1.1.3.2 Warehouse classification based on items

Special commodity warehouses: these warehouses are constituted for storing a particular type of commodity, e.g., tobacco, cotton, wheat etc Nature of commodity is important in selecting the type of warehouse For storing petrol, storage tanks are needed and for storing agricultural products, warehouses are needed. ( PhD Nguyen Van Son & Master Le Thi Nguyen)

Cold storage or refrigerated warehouses: these are the warehouses which are used for storing perishable commodities like eggs, butter, fruits, vegetables, fish, fresh meat etc Goods stored in cold storages can be held for longer time In fact, cold storages have made possible the regular supply of certain commodities throughout the year. ( PhD Nguyen Van Son & Master Le Thi Nguyen)

1.1.3.3 Warehouse classification based on architecture

Closed warehouse are capable of producing closed storage environment, proactively maintain preservation mode, less affected by the external environment parameters. ( PhD Nguyen Van Son & Master Le Thi Nguyen)

Semi – closed warehouse can only cover rain and sun for goods, without the structure

of wall separating the environment of outside warehouse. ( PhD Nguyen Van Son & Master

Le Thi Nguyen)

Opencast warehouse (yard of goods) just concentrates reserve goods which is less or not affected by changes of weather. ( PhD Nguyen Van Son & Master Le Thi Nguyen)

1.1.3.4 Main warehouse services

- Warehouse renting service

- Delivery service, transportation and distribution of goods

- Store and preserve goods service

- Packaging and labeling service

- Cargo tallying service

- Stevedoring service

- Warehouse management service

1.2 The indicators to evaluate warehouse operations

The purpose of measurement the ability of operation is to find out whether things are going the right way or not in order to find out what were the causes that created a poor operation Basing on that, people could found solutions for improving operational ability The main tools for evaluating operational ability are operational indicators, also named key operational indicators They are specific characteristics of the process is realized according to pre-established standards The best way to use indicators is to compare real values with standard values If there are poor results, poor operational ability, in reality, improvements for the process have to be made

According to the Occupational Safety & Health Administration, warehouse safety is kept a priority in the warehouse operations White Settlement shows that Warehouse operations are by definition behind the scenes but the safety practices of all personnel must be at the forefront of all actions

The indicators that Colson and Dorigo (2014) used to choose a warehouse are storage surface and volume; dangerous items; possibility for temperature control; separation of storage areas; geographical distance to highway connection, train, waterways; certification; opening hours; assistance with customs; use of technology; handling equipment; number and characteristics of docks etc

The indicators that Krauth (2005) used for assessing warehouse operations are storage surface, storage volume, storage racks, number and characteristics of docks, pallets per hour, pallet per square meter, opening hours, dwell time and assistance with customs The purpose of these indicators mentioned above is to identify the ability of warehouse operations Some key indicators presented below are used around the world to measure warehouse operations:

1.2.1 Safety:

Warehouse structure must ensure conformity with the characteristics of the cargo stored in warehouse Based on the character of dry bulk cargoes, business should install the equipment such as ventilation, temperature and humidity control, lightning protection, antistatic, guarantee meets the requirements for safety of warehouse.(Vietnam Standard 48 -1996).

1.2.2 Dwell Time:

Dwell Time is the time that the cargo stays in the port (yard/ shed/ CFS/ warehouse…).

It allows determining the frequency of cargo through warehouse. (Dr Nguyen Thanh Thuy, 2015)

1.2.3 Storage Space:

Storage space utilization refers to the average amount of warehouse, or storage, capacity used over a specific amount of time Storage space utilization can help managers assess whether they should change the layout and size of the storage area and identify obsolete products that should be removed This formula can also be used to determine if material flow should increase or decrease However, it is important to recognize that warehouses are not necessarily optimized if at maximum capacity Some studies suggest that a warehouse capacity of 80-85 percent is optimal because that allows warehouse managers to respond to shifts in demand in a more feasible manner (Jesper Lilelund, 2015)

Ratio of storage space =

Note: 1 ton bulk cargo = 1.36 m3 (German marine insurers)

1.2.4 Cargo preservation

The number of cargo loss in warehouse may be caused by various factors, specifically dry bulk cargo requires particular temperature, humidity/moisture and ventilation conditions (storage climate conditions) Favorable temperature ranges between 20°C and 30°C In addition, at temperatures > 25°C, metabolic processes increase, leading to increased CO2 production and self-heating of the dry bulk cargo (German marine insurers) Good which during storage, must not exceed a maximum temperature or fall below a minimum temperature and/or which are sensitive to temperature variations

Besides that, human factor is also a reason of cargo loss Cargo theft is an international problem affecting to warehouse operations Cargo can be stolen in the period of

storing, compromising product integrity and availability. ( Jared S.Palmer, 2010)

This index represents the degree to preserve quality and quantity of the goods stored in the warehouse Based on the properties and storage conditions they calculate the real loss of the goods:

Real loss of the goods =

1.2.5 The area utilization

Frazelle (2002) suggests that the optimum level of warehouse utilization, depending on the type of operation is a maximum from 86% to 90% for real time, dynamic

operations Beyond these levels productivity levels tend to decrease and safety

becomes an issue A figure of 100% is not good practice

Ratio of area utilization =

CHAPTER 2: EVALUATION OF WAREHOUSE OPERATION

IN QUANG NINH PORT JOINT STOCK COMPAY

2.1 Overview of Quang Ninh Port Joint Stock Company

2.1.1 General information

Quang Ninh Port was established under decision no: 2226 in August, 29, 1977 of the Navy Commander 30th, August 2007, Quang Ninh Port changed into Quang Ninh Port Limited Liability Company according to decision no: 2681/ Decisions – Ministry of Transport On 18th April, 2014, General Maritime Corporation Vietnam issued Decision 152 approving the plan and transfer Quang Ninh Port Limited Company into Quang Ninh Port Join Stock Company, with 619 shareholder, the total number of employees are 899, the structure of the charter capital of 500 billion VND In which, the state holds over 490 billion, accounting for 98.2% of share, sold to officers and employees of over 7 billion, accounting for 1.41%; sold to trade unions nearly 757 million, making up 0.15%; share IPO auction on 2 billion, accounting for 0.41% On

27th March, 2015, pursuant to Decision No 1047 / Decisions – Ministry of Transport all shares of Corporation Maritime Vietnam is holding at JSC Quang Ninh port is transferred to the T & T Group

Quang Ninh Port Joint Stock Company is located in the north of Vietnam, be shortest distance by road and rail to Southwest China markets where with a population of over

100 million people It is about 90 km from Quang Ninh Port to Bac Ninh and 150 km

to Noi Bai, Quang Ninh Port is the nearest terminal in the North of Vietnam to the above locations With the strategic location of Quang Ninh Port and the advantage of a deep sea port, Quang Ninh Port can receive vessels with a carrying capacity of 55.000 DWT, unlimited water line and therefore can provide high quality carrier services, low cost and productivity frees ship quickly Beside that Quang Ninh Port located along the highway system, be near Yen Vien –Pha Lai –Cai Lan rail route Moreover connecting inland waterways via inland waterways network connect to Mong Cai, Hai Phong, Hanoi and Viet Tri and road connections via Highway 18, 10, Noi Bai – Ha Long Expressway and Mong Cai Expressway (in the future) Facilitate to transfer and cost savings

- Loading and unloading of goods

- Mechanical processing, handling and coating of metals

- Repair of machinery

- Warehousing and storage of goods

- Transportation of goods by road

- Transportation of goods by inland waterways

- Direct services for inland waterway transport

- Short-stay services

- Activities of other support services related to transportation

2.1.3 Company structure

General Meeting of Shareholders

Finance and Accounting Department

Planning Department

Technology

Supply

Department

Environment and Infrastructure Management Department

Security Department

Port Operation Center

Logistics and Warehousing Enterprise

Mechanical Repairs Enterprise

Technical Workers Department

2.1.4 Facilities and Equipment

2.1.4.1 Facilities

- The total area of warehouse: 9.200 m2 including 02 warehouses

- The total area of yard: 142.000 m2 including 49.000 m2 of container yard and 93.000 m2 of other yards

- The depth of channel:

+ 10 meters at low tide (Hon Mot to Cai Lan) + From -13 meters to -20 meters at low tide (Float No.1 to Hon Mot)

- Depth at berth:

+ Berth 1: -9 meters _ maximum capacity of vessel: 25.000 DWT _ wharf length: 166 meters

+ Berth 5, 6, 7: -12 meters_ Maximum capacity of vessel: 40.000

DWT – 45.000 DWT_ wharf length: 680 meters

2.1.4.2 Equipment

Front- Line

1 Gantry Cranes 02 Loading capacity 40 tons at 37

meters radius, hosit height 31

meters

2 Mobile arbor crane LHM

250

01 Loading capacity 64 tons

3 Mobile arbor crane LHM

1300

01 Loading capacity 100 tons

4 Liebherr rail mounted crane 02 40 T

No Equipment Quantity Description

Rear – Line

1 Rubber tyred gantry crane 04 Lifting capacity 50T

2 Forklift 30 Lifting capacity: from 1.5T to 10 T

with stripping

warehouse and vice versa

01 Software control ships container,

loading goods, online report,

I According to labor skills 974

1 University degree and postgraduate 217

4 Workers unloading manually and other Labor 251

II According to the labor contract 974

1 Labor without labor contract 7

2 The labor contract with indefinite term 793

3 Labor contracts with a term of 12 -36 months 170

4 Labor contracts under 12 months 4

III By gender 974

2.1.6 Business status

Table 1: Business results (2013-2014)

Comparison (%) 2014/2013

1

Total

throughput Tons 6,305,659 100,0 7,013,500 100,0 111.2254881 1.1 Export Tons 3,871,302 61.39409 3,509,710 50.042 90.65967987 1.2 Import Tons 1,279,387 20.28951 2,241,492 31.96 175.2004671 1.3

Domestic

export Tons 448,205 7.10798 716,931 10.222 159.9560469 1.4

on year increased

In terms of total output, total cargo throughput increased but each item is not increasing, especially with the decline in export cargo approximately 9.4% Regarding

to the revenue, it had decreased significantly in the period of 2013 and 2014 and the revenue mainly comes from the following sources: port services, freight scales, weighing stations, container yards, warehouse service, and all kinds of other goods and services

As for the total cost, it increased from 224,856,376,012 VND (2013) to 247,801,435,329 VND (2014) The cause of the cost increase can be explained by some reason, the equipment is relatively out of date, so there production is not enough efficient as being new ones Besides, salary costs have increased due to increased base salaries of government’s policy

It can be clearly seen that although the cost increased, the profit still went up by nearly 26% because a significant rise of revenue from 2013 to 2014

Table 2: Business results in the first six months in 2015

No Norms Unit

Target of the first six months Quarter I Quarter II

Comparison (%)

II/I

(II+I)/ Target