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In the first quarter, VIX Securities reported pre-tax profit of 156 billion dong, down 66% year over year. The company’s Q1 financial results also showed revenue of 1,653 billion dong, up 69% compared with the same period last year.
Total operating expenses increased 186% to 1,340 billion dong. As a result, pre-tax profit fell to 156 billion dong, the lowest level for the company in five quarters.
In its explanation submitted to HoSE, VIX Securities said Q1 performance was affected by movements in the stock market and trading liquidity. The company noted that lending and brokerage segments continued to grow, while losses from proprietary trading and higher costs weighed on the period.
According to the financial report, profits from financial assets measured through gains and losses reached 1,230 billion dong, accounting for 75% of the company’s revenue. However, the company also recorded a loss in this segment of 1,308 billion dong, resulting in a net loss of 78 billion dong.
Alongside weaker proprietary trading activity, financing costs rose 261% to 150 billion dong.
As of March 31, VIX Securities’ total assets stood at nearly 29,600 billion dong, down 13% from the start of the year. The company reduced its lending exposure from 15,380 billion dong at the beginning of the year to 12,507 billion dong. This marked the second consecutive quarter in which lending declined.
By contrast, the fair value of the proprietary trading portfolio increased to 15,042 billion dong, up 3% from the start of the year. Of this amount, listed shares accounted for 10,668 billion dong, up 6%.
VIX Securities was established on December 10, 2007, as the predecessor of Vincom Securities (VincomSC) of Vingroup. In 2021, Vingroup fully divested from the company. The firm has changed its name three times and has retained the name VIX Securities since 2020.
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