Everbright shines on returning to black
( 2003-08-15 09:50) (China Daily HK edition)
Financial service and investment holding firm China Everbright returned to the black for the first half of this year, mainly boosted by contributions from its mainland units.
Post-tax profit of China Everbright stood at HK$135.01 million (US$17.31 million), compared with a HK$205.29 million (US$26.32 million) loss for the first half of last year. Revenue rose by 123 per cent to HK$100.18 million (US$12.84 million).
The firm's 21.39-per-cent-owned China Everbright Bank Co posted HK$407 million (US$52.18 million) in after-tax profit, compared with a HK$741 million (US$95 million) loss a year ago.
The bank recorded strong loan growth and a continuous drop in cost-to-income ratio, China Everbright said. The non-performing ratio of the bank fell to 10.2 per cent from the 13.1 per cent at the end of last year.
China Everbright's 49 per cent-held Everbright Securities recorded a profit of HK$1.92 million (US$246,000), as against HK$84 million (US$10.76 million) a year ago.
The firm's 20 per cent-owned Hong Kong-based International Bank of Asia contributed HK$10.48 million (US$1.34 million) in the first six months, which was a decrease of 45.6 per cent.
The firm attributed the decline to continuously poor market sentiment, which worsened with the SARS epidemic.
China Everbright's stock brokerage units in Hong Kong recorded steady growth in the first half despite the continued contraction of the local market.
Looking ahead, China Everbright said it would take full advantage of the further integration of the financial markets of Hong Kong and the mainland.
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