Securities brokerage revenue decreased by 80%, Tri Viet Securities (TVB) had to change its leadership

Recently, Tri Viet Securities Corporation (Code TVB) announced information about the appointment of the company's new leader. Accordingly, Ms. Phung Thi Thu Ha was appointed as General Director and also the legal representative.

The change in leadership of Tri Viet Securities took place in the context of the company's business results facing many difficulties after the arrest of former chairman Pham Thanh Tung for his involvement in the stock market manipulation case with two codes BII and TGG.

Stock brokerage revenue down 80% Tri Viet Securities TVB just had to change leader image 1 — Tri Viet Securities (TVB) securities brokerage revenue dropped by 80%, had to replace leadership (Photo TL)

Regarding TVB's business situation, the Q2 financial report recorded net revenue of 17.3 billion VND, gross profit of up to 16.7 billion VND. Profit after corporate income tax reached 6.5 billion VND.

However, it is worth noting that the company's revenue from securities brokerage activities is only reaching 2.7 billion VND, down nearly 2/3 compared to the same period. TVB's cumulative revenue from securities trading reached 6.2 billion in the first 6 months of 2023, down nearly 80% compared to the same period. This shows the decline in TVB's securities brokerage activities.

With business not going well, TVB shares of Tri Viet Securities JSC have just been put on warning status by the Ho Chi Minh City Stock Exchange (HoSE) from June 27, 2023 due to negative undistributed profit after tax on the audited financial statements for 2022.

In 2022, Tri Viet Securities' operating revenue decreased from VND434 billion to only VND154 billion, a decrease of 64.5%. After-tax profit was negative VND318 billion while in the same period, it was VND299 billion.

Accumulated profit after tax in the company's asset structure by the end of 2022 was negative 182 billion VND. At the end of the second quarter of 2023, TVB's accumulated profit after tax had improved slightly but was still negative 174.8 billion VND.

In addition, TVB is also subject to restricted trading due to the delay in disclosing audited financial statements for 2022, more than 45 days after the prescribed deadline.

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