Bao Viet Securities Co (BVS) reported a profit of over VND55 billion (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 VND26 billion ($1.2 million) for the same period last year.
Total revenue for BVS in the quarter reached VND70.67 billion ($3.3 million), up 47 per cent from the same period last year. Total revenue for the first six months hit VND116 billion ($5.5 million), up 24 per cent, of which revenue from brokerage operations soared 94 per cent to VND31.85 billion ($1.5 million). The firm’s cash and cash equivalents as of June 30 stood at over VND630 billion ($30 million). Short-term investment was at VND339 billion, of which securities saw a depreciation in reserves of VND169 billion.
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.