Eng-SET Q210-audit
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Ref FASET 07/53 August 30, 2010 Subject: Reporting of the company’s operating result for the second quarter ended June 30, 2010 ( audited) To: The president of the Stock Exchange of Thailand According to Seamico Securities Public Company Limited reported the unaudited operating result ended June 30, 2010 to the SET on July 30, 2010. Presently, the audited financial statements has already been finished so the Company would like to submit the audited financial statement to the SET with this letter. The difference between audited and unaudited net income were shown as below : (Million Baht) Consolidated The Company Only Net income(loss) nd nd2 Quarter Half year 2010 2 Quarter Half year 2010Unaudited 17.35 (4.88) (1.26) 15.99 Audited 10.13 (12.10) (8.48) 8.77 Decrease 7.22 7.22 7.22 7.22 The consolidated and separate net income for the second quarter and half year 2010 has decreased by Baht 7.22 million due to : Set up additional impairment loss of investment Baht 8.36 million Set up additional accrued expense Baht 1.26 million Total Baht 9.62 million Corporate income tax 25% Baht (2.40) mNet income decrease Baht 7.22 million Therefore, the Company would like to report the operating results in the same format as previously reported to the SET on July 30, 2010 but adjusted the information according to the audited financial statement as follows : The audited consolidated operating result ...
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Ref FASET 07/53
August
30, 2010
Subject:
Reporting of the company’s operating result for the second quarter ended
June 30, 2010 ( audited)
To:
The president of the Stock Exchange of Thailand
According to Seamico Securities Public Company Limited reported the unaudited
operating result ended June 30, 2010 to the SET on July 30, 2010. Presently, the audited
financial statements has already been finished so the Company would like to submit the
audited financial statement to the SET with this letter. The difference between audited
and unaudited net income were shown as below :
(Million Baht)
Consolidated
The Company Only
Net income(loss)
2
nd
Quarter
Half year 2010
2
nd
Quarter
Half year 2010
Unaudited
17.35
(4.88)
(1.26)
15.99
Audited
10.13
(12.10)
(8.48)
8.77
Decrease
7.22
7.22
7.22
7.22
The consolidated and separate net income for the second quarter and half year
2010 has decreased by Baht 7.22 million due to :
Set up additional impairment loss of investment
Baht 8.36
million
Set up additional accrued expense
Baht 1.26
million
Total
Baht 9.62
million
Corporate income tax 25%
Baht
(2.40)
million
Net income decrease
Baht 7.22
million
Therefore, the Company would like to report the operating results in the same
format as previously reported to the SET on July 30, 2010
but adjusted the information
according to the audited financial statement as follows :
The audited consolidated operating result for the second quarter ended June 30, 2010
The Company and its subsidiary generated net income of Baht 10 million
compared with the net income of Baht 61 million for the same period last year. This
resulted from the transfer of the Company’s securities business to operate under KT
ZMICO which affected to the comparative financial statement as follows :
•
The Company recognized gain on transfer of assets to associate of Baht 94 million
in the second quarter of 2009. However, in the second quarter of year 2010 the
Company recognized additional Baht 2 million from gain on transfer of assets to
associate.
•
The Company recorded share gain from operating result of
KT ZMICO under the
equity method according to the percentage of its investment in KT ZMICO at
49.54 % totally of Baht 17 million which Baht 4 million decreased from the
second quarter of last year.
The operating result of
KT ZMICO for the second quarter of year 2010 are as
follows :
Million Baht
Net securities business income
286
Operating expenses
(236)
Corporate income tax
(16)
Net profit
34
Share gain at 49.54 % under equity method
17
•
Operating expenses decreased by Baht 90 million resulted from the transfer of
operating assets including the Company’s employees to KT ZMICO
according to
the business transfer. However, the net of securities business income decreased of
Baht 63 million from the temporary cease its operation on securities business since
May 2009.
The audited separate operating result for the second quarter ended June 30, 2010
The audited separate operating result for the second quarter ended June 30, 2010
showed net loss of Baht 8 million compared with the same period of year 2009 with net
income of Baht 108 million, a 107 % decrease. This resulted from the assets related to
securities business were transferred to KT ZMICO which made the Company recognized
gain on assets transfer of Baht 185 million. However, in the second quarter of 2010 the
Company still has income from Interest and dividend from securities of Baht 2 million
and Advisory fee income of Baht 1 million. Operating expenses for separate income
statement was Baht 93 million or 90 % decrease resulted from the business transfer.
The operating result for the six- month period ended June 30, 2010
The audited separate operating result for the six- month period ended June 30,
2010 showed net income of Baht 9 million compared with the same period of year 2009
with net income of Baht 47 million, a 81 % decrease. This resulted from mainly of
income and expenses was decreased due to the
core business of the Company
was
transfer to operate at KT ZMICO. However, during six-month period of year 2010 the
Company realized dividend income of Baht 41 million from KT ZMICO.
The audited consolidated operating result for the six- month period ended June
30, 2010 showed net loss of Baht 12 million due to that according to Thai Accounting
Standard
(
TAS) the consolidated income statement was not recognized dividend income
from KT ZMICO which is its associated of Baht 41 million as income but the Company
recognized share gain from KT ZMICO under the equity method of Baht 17 million and
realized gain from assets transfer to associate net of tax by Baht 3 million. This was
resulted the net profit of consolidated was lower than the net profit of separate income
statement.
Yours sincerely,
Mr. Chaipatr Srivisarvacha)
Executive Chairman & Chief Executive Officer
