VNDS: Explanation for business result in Q1/2013

VNDIRECT Securities Corporation (VNDS) explained the decrease in profit after tax of Quarter 1/2013 compared to Quarter 1/2012 as follows:

-         VNDS’ revenue in Quarter 1/2013 was nearly unchanged compared with Quarter 1/2012, while its operating expense and administrative expense rose more than VND3 billion, so its profit decreased VND3 billion.

-         The reason of expense increase is because of personnel increase in Quarter 1/2013. The growth rate of expense was higher than the growth rate of revenue, so VNDS’ profit decreased.

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