Saigon Securities says 2009 pretax profit may fall 6 pct

Saigon Securities Inc., Vietnam’s biggest publicly traded brokerage, forecast pretax profit may drop 6 percent to VND261 billion (US$14.6 million) this year, according to a statement on the company’s website.

“Vietnam has not yet escaped from the global economic crisis, therefore the equity market will not be as ebullient as it used to be,” Chairman and Chief Executive Officer Nguyen Duy Hung said on Friday by telephone. “In these difficult circumstances, our profit target for this year cannot be more ambitious.”

Net income fell 74 percent to VND30 billion as sales fell to VND105 billion from VND351 billion in the first quarter, the Ho Chi Minh City-based company said on April 18.

The broker fell 3.6 percent to VND35,000 on Friday at the Ho Chi Minh Stock Exchange, the lowest level in more than two weeks.

thanhnien, bloomberg

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