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BMI: Explanation for consolidated business results in quarter 3/2010
Bao Minh Insurance Corporation (BAO MINH) (HOSE: BMI) has explained consolidated business results in quarter 3/2010 as follows:
1. Adjusting ‘payment management’ in consolidated statements:
Bao Minh Securities Company (BMSC) is a subsidiary of BAO MINH. Therefore, all expenses and revenues of BMSC consolidated into BAO MINH’s results. With the results were not changed but some items were recorded incorrectly. After auditing, BAO MINH adjusted items recorded from revenues and expenses of BMSC.
2. Differences of consolidated statements in quarter 3/2010 beside quarter 3/2009:
Unit: million dongs
|
Items |
Quarter 3/2010 |
Quarter 3/2009 |
% Change |
|
A |
1 |
2 |
3=1/2 |
|
Net revenue |
367,019 |
309,040 |
118.76% |
|
Direct expenses from insurance trading |
256,795 |
264,815 |
96.97% |
|
Payment management |
110,117 |
94,816 |
116.14% |
|
Net profit |
107 |
-50,591 |
|
|
Financial incomes |
26,348 |
60,082 |
43.85% |
|
Total profit |
30,335 |
12,525 |
242.20% |
Net revenue in quarter 3/2010 increased 18.76% beside quarter 3/2009 and total direct expenses from insurance trading decreased 3.03% because BAO MINH controlled revenue and expenses by POLYSY/ASIA software; administration expenses increased 16.14% because the company increased investment expenses in information technology and basic wage increased that made fixed expenses increase.
- Net profit in quarter 3/2010 increased 107 million dongs beside quarter 3/2009 (-50,591 million dongs) because of result of plans.
- Financial incomes in quarter 3/2010 decreased because the 2010 dividend was collected in quarter 1/2010 instead of quarter 2 or 3. In 2010, UIC Joint-Venture Company (*) paid 59.654 billion dongs of dividend to increase its capital and made financial incomes of BAO MINH decreased. Beside, adjustments of BMSC’s expenses also made financial incomes decreased but total profit was not changed.
- Total profit increased because the loss from insurance trading decreased.
(*) Temporary translation
hose
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