Bao Minh Corp’s net revenue from insurance sector falls 42pct

Bao Minh Joint Stock Corp (BMI) has recently announced the compound fiscal report in the first quarter of this year with net revenue from insurance sector at 238.7 billion dong, falling 42 percent from the same period last year.

Meanwhile, the company’s direct spending on insurance sector was 252.7 billion dong, down 42 percent year-on-year.

In comparison with last Q1, BMI’s gross profit increased 13 percent from 121.6 billion dong to 136.9 billion dong.

In Q1, Bao Minh posted profit of over 41 billion dong from financial activities, increasing slightly from the same period last year.

BMI’s administration expenditures were over 120.9 billion dong.
BMI gained 5.6 billion dong profit from joint venture and associated companies, up 19 percent year-on-year.

Thus, ending the first quarter this year, BMI’s after tax profit was over 54.7 billion dong, rising 51 percent year-on-year and achieving 27 percent of the year’s target.

Previously, BMI holding company posted over 44.1 billion dong profit, halving year-on-year.

Till March 31, 2011 BMI had 441 billion dong cash, up 142 billion dong from early this year. The company also spent over 1.226 trillion dong on insurance business operation backup, up 25 percent year-on-year with the current total assets of 4.158 trillion dong. – DVT

Tags: Bao Minh Insurance, Vietnam insurance, Vietnam insurance industry, Vietnam insurance market

Posted by VBN on May 21 2011. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry