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AGR: Explanation for business result in Q2/2010
AgriBank Securities Joint Stock Corporation has explained business result in Q2/2010 as follows:
1. Sales of business activities in Q2/2010 increased VND135 billion or 50% compared to Q2/2009:
Proprietary trading rose VND36 billion and other sales rose VND97 billion.
2. Total expenses in Q2/2010 increased VND157.5 billion or 70% compared to Q2/2009:
Business activities of the company was gradually expanded, thus its expenses also increased, especially as interest payment for deposit of brokerage contracts was higher than before. In addition, there was increase of other expenses such as bond interest, provision expenses.
3. Growth of expenses was higher than that of sales leading to a 51% (Or VND22.5 billion) decrease of pre-tax profit. However, corporate income tax was not incurred in Q2/2010 and reduced by VND13.4 billion compared to Q2/2009. Therefore, after-tax profit in Q2/2010 only decreased VND9 billion (29.7%).
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