SSI net income plunges 71 pct as stock market slumps

Saigon Securities Inc., Vietnam’s largest publicly traded broker, said its profit dropped almost 71 percent last year as the nation’s stock benchmark plunged.

The Ho Chi Minh City-based company had a full-year net income of VND252.5 billion (US$14.4 million) on sales of VND1.3 trillion, according to a report posted on its website. Net income in the previous year totaled VND859 billion.

“Securities companies did not do well last year after the central bank tightened lending to securities investment and then the financial crisis,” said Pham Linh, general director of Hanoi-based Vietnam International Securities Co., known as VISecurities.

 Bloomberg

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