Eng-SET Q210-audit

Somjai

Description

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 ...

Informations

• Publié par: Soob
• Nombre de lectures: 15
• Langue: English

Extrait

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