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Securities firms lead profit growth
Listed securities companies took the lead in profit growth in the first nine months of 2014 because of the market rally, according to the financial information website vietstock.vn.
Notably, VietDragon Securities (VDS) achieved a profit of more than VND50 billion (US$2.3 million) in the period. In September alone, the company earned VND24 billion ($1.1 million). The company said the revival of the market, along with its effort to restructure its investment activities, helped its business to prosper.
VDS expected its profit in the fourth quarter to exceed the sum of the first nine months as the company would divest in other companies. If the plan succeeds, VDS will earn around VND101 billion in profits this year, a whopping 843-per cent year-on-year increase.
Sai Gon-Ha Noi Securities (SHS) reported that it opened nearly 600 new accounts for investors in the third quarter. Its revenue from brokerage operations reached VND27.3 billion ($1.2 million), increasing 5.3 times over that of the same period last year.
Nguyen Chi Thanh, SHS deputy general director, told vietstock.vn: "We focus on developing services for customers rather than raising fees."
Another company enjoying growth as a result of the market rebound is Asia Pacific Securities (APS). Although it estimates its profit in the third quarter to be only VND4 billion ($188,600), that is four times the profit it achieved in the corresponding quarter last year.
Saigon Securities Inc. (SSI), the top company in market share on the HCM City Stock Exchange, estimated its profit to be VND241 billion ($11.3 million) in the third quarter, rising by 103 per cent, and VND820 billion ($38.6 million) in the first nine months, climbing by 97 per cent.
It said this year's profit could hit VND1 trillion ($47.1 million) while the target was just VND630 billion ($29.7 million).
Le Thi Bich Hang of FPT Securities said companies announcing profit growth in the first nine months would be the apple of the market's eye. Along with securities shares, mineral shares have also increased strongly for the past two months.
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