Tan Viet Securities’ profit plunges 50%

The company saw its third quarter revenue and after-tax profit drop 12% and 50% year-on-year respectively to VND633 billion ($26.37 million) and VND75 billion.

Between January and September, the leading bond trader earned total revenues of VND2.35 trillion and made a total net profit of VND350 billion.

In the nine-month period, the firm on its own and its clients traded bonds worth nearly VND179 trillion and more than VND181 trillion, respectively.

Its income mainly came from interest on financial assets, margin lending and securities brokerage and custody.

Tan Viet, the bond issuance for consultant for An Dong Investment Group Corp, currently manages some VND12.76 trillion of listed financial assets, and VND1.2 trillion of deposits of its clients.

After police started investigating fraud and misappropriation of assets at the An Dong Investment Group Corporation and related entities, Tan Viet Securities said it was working with the bond issuer to ensure payment of principal and interest to buyers.