SBS: Explanation for business result in Quarter 2/2012

Sacombank Securities Joint Stock Company explained the fluctuation in business result between Quarter 2/2012 and Quarter 2/2011 according to the consolidated financial statements:

-         According to the consolidated financial statements in Quarter 2/2012, profit after tax was VND522.33 billion, while loss after tax in Quarter 2/2011 was VND159.63 billion, mainly because:

+        Ernst & Young audited firm (E&Y) adjusted investments, provision for devaluation of investment, leading to loss at December 31, 2012 ( after adjusted) was VND1,633 billion compared to before adjusted (loss was VND764 billion), so in Quarter 2/2012, BSB delayed provision of VND819 billion, making to business result in Quarter 2/2012 had profit and decreased loss in 6 months of 2012 of VND138 billion.

+        Revenue in Quarter 2/2012 was VND147 billion equal to 55% of in Quarter 2/2011.

+        General and administration expenses in Quarter 2/2012 was VND263 billion, increasing 3 times compared to the same period of last year because SBS made a provision for bad debts of VND243 billion.

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