Bao Minh Joint Stock Corp (BMI) has announced its consolidated business results for Q2 and accumulated figure for the first half of this year.
Accordingly, the company gained 430.698 billion dong of net revenue from insurance sector in Q2 while the total direct costs for insurance sector was at 300.014 billion dong.
Its consolidated profit was 130.68 billion dong and net profit from insurance sector was at -12.519 billion dong. BMI’s total profit before tax and profit after tax (PAT) was at 45.98 billion dong and 43.23 billion dong respectively and the PAT of the holding company was 41.28 billion dong.
Totally in Jan-Jun, the company’s accumulated net revenue from insurance business reached 820.4 billion dong, net profit from insurance business at 3.573 billion dong, total profit before tax and PAT at 108.664 billion dong and 97.955 billion dong respectively.
The PAT of the holding company reached 94.05 billion dong.
BMI said that its net revenue from insurance activities in Q2 was 430.7 billion dong, rising 122.77 percent from last Q2 (350.82 billion dong), the total direct costs for insurance business increased 27.9 percent and expenses for management increased 28.12 percent on high sale expenditures.
The company suffered a net loss of 12.519 billion dong from insurance in Q2, increasing from the same period last year (-4.532 billion dong). However, the company’s accumulated profit in H1 was still 3.573 billion dong (the profit was 1.395 billion dong in last H1).
Its profit from financial activities in Q2 increased 86.29 percent from last Q2, so its total accounting profit in Q2 was 45.982 billion dong and the accumulated figure in H1 was 108.664 billion dong.
In 2011, BMI expects to gain total premium at 2.661 trillion dong, up 11.4 percent year-on-year, of which, revenue from original insurance fee at 2.155 trillion dong, rising 11 percent, revenue from reinsurance contracts at 190 billion dong, up 11 percent y-o-y and revenue from financial activities at 316 billion dong, up 14.5 percent y-o-y.
The insurer targets to gain profit before tax at 225 billion dong, rising 15.8 percent y-o-y and PAT at 200 billion dong this year.