50 securities dealers' profits rise 411% in 1H
Updated: 2007-07-23 08:50
The red-hot stock market pushed total profits of China's 50 securities dealers up by four times in the first half of the year, the Shanghai Securities News reported on Saturday.
The 50 securities dealers, which account for a half of the country's total number, saw aggregate net profits soar 411 percent year on year to 41.77 billion yuan (US$5.4 billion) in the first six months.
These companies - including CITIC Securities, Guotai Junan Securities and Haitong Securities - racked up a total of 79.1 billion yuan in first-half revenues, up 418 percent from the same period of last year, said the report, citing figures from Shanghai-based Wind Information.
Commission incomes contributed 65 percent to their revenues, compared with 57 percent a year ago, as the Chinese mainland's two bourses saw accumulative turnover rocket 476 percent to 27.8 trillion yuan in the first half.
Total assets of the 50 companies added up to 841.1 billion yuan, up 120 percent, while their net assets summed to 112.9 billion yuan, up 69 percent.
Shanghai-based Guotai Junan Securities was the most profitable, with first-half net profits reaching 3.92 billion yuan.
Guangzhou-based GF Securities followed with net profits of 3.14 billion yaun, trailed by Shanghai-based Shenyin Wanguo Securities with 2.98 billion yuan.
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