VPBS: Explanation for business result in Q1, 2014

VPBank Securities Company Limited explained business result in Q1/2014 compared to Q1/2013 as follows:

Item	Q1/2014	Q1/2013	Difference (%)
Revenue	76,313,879,970	95,893,923,281	-20%
Operating expenses	76,181,013,576	85,832,591,746	-11%
Profit before tax	132,886,394	10,066,589,729	-99%
Income tax	29,760,780	2,469,168,304	-99%
Profit after tax	103,105,614	7,597,421,425	-99%

Revenue in Q1/2014 was VND76.313 billion, decreasing by 20% compared to the same period of 2013 in which:

-  Revenue from brokerage activity in Q1/2014 was VND16.434 billion, increasing by 195% compared to the same period of 2013.

-  Revenue from securities investment in Q1/2014 was VND10.478 billion, decreasing by 68% compared to the same period of 2013.

-  Revenue from consultancy activity in Q1/2014 was VND3.35 billion, decreasing by 62% compared to the same period of 2013.

-  Other revenues in Q1/2014 were VND45.76 billion, decreasing by 6% compared to the same period of 2013.

-  Operating expenses in Q1/2014 was VND76.181 billion, decreasing by 11% compared to the same period of 2013.

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