HBBS posts 24b dong loss in first 6 months

Hanoi Housing Development Bank (Habubank) Securities JSC (HBBS) has recently announced its half-year financial statement in 2012.

Accordingly, HBBS’s revenue reached 59 billion dong, up 71 percent year-on-year. Of which revenue from brokerage reached 43.7 billion dong, up 73 percent compared with H1/2011. However, because of an increase in operating costs in 6 months by 53 billion dong, equal to 240 percent year-on-year, HBBS posted a loss of nearly 24 billion dong (while in H1/2011 HBBS earned 5.97 billion dong of profit).

HBBS was earlier Habubank’s subsidiary with 100 percent chartered capital from Habubank and it changed to Joint Stock Company from August 26, 2011 with 150 billion dong chartered capital. Habubank now holds 98.66 percent HBBS’s shares. When the merger process between Habubank and Saigon – Hanoi Commercial Joint Stock Bank (SHB) completes, HBBS will officially become SHB’s subsidiary. Meanwhile, SHB only owns 8.22 percent Saigon – Hanoi Securities JSC (SHS)’s shares.

 

Category: Stocks