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BMI: Explanation for business result in Q2/2010
Baominh Insurance Corporation has explained business result in Q2/2010 as follows:
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Items
|
Q2/2010 |
Q2/2009 |
Comparison (%) |
|
1 |
2 |
3=1/2 |
|
Net sales of insurance activity |
350,819 |
326,268 |
107.52% |
|
Total direct expenses |
234,516 |
261,060 |
89.83% |
|
Management expenses |
118,273 |
98,354 |
120.25% |
|
Net profit of insurance activity |
-1,970 |
-33,146 |
5.9% |
|
Financial income |
32,858 |
93,066 |
35.30% |
|
Profit |
35,378 |
71,870 |
49.22% |
* Net sales of insurance activity in Q2/2010 rose 7.52% compared to the same period 2009. Total direct expenses fell 10.17% because Baominh implemented the policy of supervising sales and expenses by the management software POLYSY/ASIA. Management expenses rose 20.25% due to investment on the IT system and increase of basic salary.
* Net profit of insurance activity lost (VND1,970 million), lowering than Q2/2009 (VND33,146 million).
* Financial income in Q2/2010 decreased in comparison with Q2/2009 because earnings from dividend in 2010 were recorded in Q1/2010, meanwhile the earning was recorded in Q2/2009. However, for accumulation of the first 6 months, the figures were the same (2010: VND132 billion, 2009: VND135.6 billion).
* At present, business operation of Baominh is stable.
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