Vietnamese Large Securities Firms Suffer Big Losses in 2008
Bao Viet Securities Company (BVS) and Haiphong Securities Company (HPC), two of the leading stock brokers which are listed on the country’s smaller exchange HASTC, announced they suffered big losses last year.
BVS made a loss of VND452.9 billion (US$26.8 million) in 2008 on gross revenues of VND209 billion, versus its target of VND142.4 billion of net profit and VND314 billion in gross revenues set earlier of the year.
The firm reported loss of VND155.3 billion on revenues of VND50.9 billion in the fourth quarter alone.
This is the biggest loss among securities companies on the local exchange.
The Haiphong-based stock broker, meanwhile, made a loss of VND119.8 billion on revenues of VND67.9 billion due to its stock provision fund and portfolio restructure.
Among securities firms which have announced business results, only Saigon Securities Incorporation (SSI) made profit of estimated VND300 billion last year.
Vietnam’s stock market had lost 68 per cent in its value last year, which pushed up to 80 per cent of the total 102 local stock brokers to suffer losses. (Vietnam Economic Times)
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