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BMI: Explanation for business result in Q2/2010
Baominh Insurance Corporation has explained difference of business result in Q2/2010 and Q2/2009 as follows:
|
Items (Unit: million dongs) |
Q2/2010 |
Q2/2009 |
Difference (%) |
|
|
1 |
2 |
3=1/2 |
|
Net sales of insurance activity |
350,819 |
326,268 |
107.52% |
|
Total direct expenses of insurance activity |
234,516 |
261,060 |
89.83% |
|
Management expenses |
115,002 |
92,493 |
124.34% |
|
Net profit of insurance activity |
1,280 |
(27,285) |
|
|
Financial income |
34,324 |
83,318 |
41.20% |
|
Profit |
35,723 |
57,527 |
62.10 |
• Net sales of insurance activity in Q2/2010 increased 7.52% compared to Q2/2009, total direct expenses of the activity decreased 10.17% because the company implemented the policy of sales supervisory and used the business management software Polysy/Asia. Management expenses rose 24.34% due to increase of investment cost of IT system and basic salary.
• Net profit of insurance activity was VND1,280 million (it was negative in the same period 2009) due to good results of new policy of the company
• Financial income Q2/2010 decreased because dividend receivables for 2010 were done in Q1/2010, while it had better record in Q2/10. If evaluating the accumulation, financial income in 2010 (VND125 billion) and in 2009 (VND126 billion) only had little difference.
• The company has run well as planned.
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