Bao Viet Securities Co (BVS) reported a profit of over 55 billion dong (US$2.6 million) in the second quarter of this year thanks to rocketing incomes from their brokerage operations.
The profits are bright news for the securities firm that posted a loss of about 26 billion dong ($1.2 million) for the same period last year.
Total revenue for BVS in the quarter reached 70.67 billion dong ($3.3 million), up 47 per cent from the same period last year. Total revenue for the first six months hit 116 billion dong ($5.5 million), up 24 per cent, of which revenue from brokerage operations soared 94 per cent to 31.85 billion dong ($1.5 million). The firm’s cash and cash equivalents as of June 30 stood at over 630 billion dong ($30 million). Short-term investment was at 339 billion dong, of which securities saw a depreciation in reserves of 169 billion dong.
BVS is one of the shares tracked by the HNX30 on the Hanoi Stock Exchange and it was at the risk of being excluded from the index if it continued to make losses, as in 2010 and 2011.