Highlights

GF Securities posts 19.5% drop in H1 profits

(chinadaily.com.cn)
Updated: 2010-08-17 14:15

GF Securities said today its net profit in the first half of this year declined 19.5 percent to 1.64 billion yuan from one year earlier due to decreases in its brokerage and investment businesses.

Total revenue of the medium-sized Chinese brokerage was 3.633 billion yuan over the period, a decline of 20.75 percent from a year earlier, with earnings per share standing at 0.66 yuan, down 22.35 percent year on year, according to its interim report.

In addition, total assets of the brokerage were 91.13 billion yuan at the end of June, which was 12.66 percent lower than that of a year ago.

GF Securities said the decrease in brokerage business and investment losses were the main factors for its profits drop. The operating revenue from its brokerage declined 24.88 percent year on year to 2.51 billion yuan in the first half.

Most of the Chinese brokers posted a profits drop in the first six months as the Chinese A-share market declined more than 20 percent and the drastic competition in the sector. Haitong Securities, the nation's No 2 listed brokerage by market value, posted a 24.9-percent profit drop over the period, while Everbright Securities said last week its net profit declined 31.97 year-on-year.