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BMI: Explanation for business result in Quarter 1/2011
BaoMinh Insurance Corporation (HOSE: BMI) explained the fluctuation in business result in Quarter 1/2011 compared to the same period of 2010:
Unit: VND million
|
Item |
Quarter 1/2011 |
Quarter 1/2010 |
Comparison (%) |
|
A |
1 |
2 |
3=1/2 |
|
Net revenue from sale |
389,708 |
412,819 |
94.40% |
|
Total expense directly paid for sale |
252,713 |
291,259 |
86.77% |
|
Administrative expense |
120,902 |
124,696 |
96.96% |
|
Net operating profit |
16,093 |
-3,136 |
-513.17% |
|
Financial profit |
40,982 |
39,525 |
103.69% |
|
Profit |
62,682 |
41,361 |
151.55% |
Net revenue in Quarter 1/2011 decreased 5.6% from Quarter 1/2010, Total expense directly paid for sale decreased 13.23%, and Administrative expense decreased 3.04% because BaoMinh continues executing the policy of control of revenue and expense through the management software POLYSY/ASIA.
Net profit in Quarter 1/2011 was VND16,093 million, higher than the same period of 2010 because BaoMinh used the compensation of VND10 billion from the big fluctuation, and this was also the result from policies of BaoMinh.
Profit from financial activities in Quarter 1/2011 lightly increased (3.69%) from the same period of last year.
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