SBS: Explanation for business result in Q1/2011

Sacombank Securities Joint Stock Company (HOSE: SBS) explained the fluctuation in profit after tax between Quarter 1/2011 and Quarter 1/2010 according to the consolidated financial statements:

Profit after tax in Quarter 1/2011 decreased 87% compared to Quarter 1/2010 because of main reasons:

- With difficulties of the market, the trading volume and value in Quarter 1/2011 of the Company decreased sharply and made the brokerage revenue less than the revenue in the same period last year.

- The operating expenses rose 82% compared to the same period of 2010 because of the increase in investment in securities trading and provisions. Besides, the Company has applied new softwares and let the fixed expense rise.

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