Companies

Citic Securities reports 26% rise in 2010 profits

(Xinhua)
Updated: 2011-04-09 14:31

BEIJING - Citic Securities Co, China's biggest brokerage by assets, said Saturday its net profits rose 25.91 percent year on year in 2010, boosted by the strong performance of its core businesses.

Net profits increased to 11.3 billion yuan ($1.72 billion), or 1.14 yuan a share, from 8.98 billion yuan, or 0.9 yuan a share in 2009, the Beijing-based brokerage said in a statement filed with the Shanghai Stock Exchange.

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Operating revenues rose 26.3 percent to 27.79 billion yuan from 22.01 billion yuan in 2009, the statement said.

The company attributed its rise in the profit to the impressive performance of its core businesses, especially the investment.

Its income from investments increased 215 percent year on year to 10.96 billion yuan last year, accounting for 39.4 percent of the company's operating revenues of the past year.

On its prospects, the company said it would face a challenging year this year as competition among brokerages would continue to intensify and China's efforts to contain inflation may depress stock markets.