Bangkok--29 Oct--Kim Eng Securities
Kim Eng Securities (Thailand) Public Company Limited’s net profit for the nine-month period ended September 30, 2009 was Baht 519.96 million, an increase of 21.32 % or Baht 91.36 million from net profit of Baht 428.60 million for the same period last year.
The main variances comparing to last year were:
1. Brokerage fees from Securities Business increased by 29.51 % or Baht 350.41 million to Baht 1,537.98 million. This was due to an increase in average daily trading volume of the whole market from Baht 17,246 million to Baht 17,408 million. The Company’s average daily trading volume increased from Baht 2,767 million to Baht 3,683 million.
2. Brokerage fees from Derivatives Business increased by 37.78 % or Baht 39.78 million to Baht 145.08 million. This was due to an increase in average daily trading volume of the whole market from 7,191 contracts to 11,558 contracts. The Company’s average daily trading volume increased from 1,747 contracts to 2,513 contracts.
3. Interest and dividend income decreased by Baht 45.11 million or 44.31 % to Baht 51.60 million due to a decrease in deposits interest rate and higher funds required to support normal operation as a result of higher trading volume.
4. Operating expenses increased by 20.72 % or Baht 194.18 million to Baht 1,131.21 million. Higher operating expenses were mainly due to an increase in fee expenses and personnel expenses of Baht 23.30 million and Baht 178.32 million respectively as a result of an increase in trading fees and marketing incentive payments which are based on trading volume.
5. Corporate income tax increased by 43.88 % or Baht 61.34 million to Baht 201.13 million due to an increase in net profit and a decrease in corporate income tax reduction privilege.