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BVS: Explanation for the change of over 5% in operating result in QIII- 2008
According to the Financial Statement Quarter I/2009, net income is VND 3,690,478,786 with an increase of VND 159 billion compared to Quarter IV/2008. Bao Viet Securities Company explained the increase in operating result in QI/ 2009 as follows:
|
No. |
|
QIV/2008 |
QI/2009 |
Change between
QI/2009 and QIV/208 |
|
1 |
Total Revenue |
50,949,196,716 |
22,786,594,304 |
- 55.3% |
|
|
Gross sales of merchandise |
28,917,612,622 |
6,809,578,595 |
- 76.5% |
|
|
Financial income |
18,269,654,589 |
11,845,624,597 |
- 35.2% |
|
|
Other revenue |
3,706,344,511 |
3,952,332,934 |
6.6% |
|
|
Other income |
55,584,994 |
179,058,178 |
222.1% |
|
2 |
Total expense |
206,234,045,815 |
19,096,115,518 |
-90.7% |
|
2.1 |
Operational expense |
178,635,686,317 |
5,652,244,897 |
- 96.8% |
|
2.2 |
General and
administration expenses |
27,596,138,598 |
13,439,343,121 |
-51.3% |
|
2.3 |
Other expense |
2,220,900 |
4,527,500 |
103.9% |
|
3 |
Profit before tax |
(155,284,849,099) |
3,690,478,786 |
- 102.4% |
|
4 |
Income tax payable |
|
|
|
|
5 |
Profit after tax |
(155,284,849,099) |
3,690,478,786 |
- 102.4% |
The reasons are:
- Stock market in QI/2009 was still affected from world depression. As a result, the revenue of company decreased by VND 28 billion compared to QIV/2008.
- Expense: In QI/2009, total expenses decreased by VND 187 billion, a decrease of 90.7% compared to QIV/2008 because in QI/2009, company did not set up reserve fund for stock price fall.
- General and administration expenses: as a result of savings policy, the expense decreased by VND 51.3 billion, which is the main reason for the decrease in the total expense in QI/2009.
The revenue in QI/2009 decreased in comparison with QIV/2008, but total expense decreased sharply. Thus, in QI/2009 profit before tax of the company is VND 3.69 billion.
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