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Guoyuan posts 12.6% increase in H1 profit

(China Daily)
Updated: 2009-08-05 07:51

Guoyuan Securities Co, an Anhui-based brokerage, said yesterday its net profit rose 12.6 percent year-on-year to 460 million yuan in the first half, boosted by the A-share market's bullish performance, which has risen over 80 percent since the beginning of the year.

The Shenzhen-listed company reaped an operating revenue of 872 million yuan in the first half of 2009, up 17.16 percent compared with the previous year, according its half-year report to the Shenzhen Stock Exchange.

The total assets of the company topped 13.42 billion yuan by the end of June, up 12.66 percent year-on-year.

The company attributed the profit growth largely to its brokerage business, which accounted for 83 percent of the total earnings.

Chinese brokerages have reported healthy numbers. [CFP]

It reaped a net profit of 278 million yuan by investing in securities in the first quarter, while it gained 378 million yuan in the second quarter.

"Generally speaking, the brokerage business and stock investment business may make for around 85 percent of total revenue of Chinese securities firms. So, if big trading volume exists and the index continues to pick up, those companies will definitely make money," said Song Jian, analyst at China Minzu Securities.

Before this, Haitong Securities saw a year-on-year growth of 22 percent in net profit to 2.5 billion yuan, and Northeast Securities posted a 39-percent year-on-year increase to 476 million yuan.

Besides listed brokerages, non-listed brokerages performed even better.

According to financial data provider Wind Info, Guotai Jun'an Securities topped the list with 2.32 billion yuan in net profit, followed by Guangfa Securities and Shenyin & Wanguo Securities.

Everbright Securities Co reported a net profit of 1.28 billion yuan in the first half of this year, which even exceeded the overall net profit of 1.22 billion yuan in 2008.

China Merchants Securities said its net profit rose 37.83 percent year-on-year to 1.47 billion yuan.

Special Coverage: Interim Results of Listed Companies Related readings:  Everbright Securities sets A-shares IPO price range  Regulator plans steps to plug IPO loopholes  Securities companies report rising profits  IPOs back after long suspension

The benchmark Shanghai Composite Index has gained 85 percent so far this year. Looking ahead, industry experts expressed different views on whether brokerage firms would continue to perform well or not in the second half.

"With the resumption of the IPO market and the launch of the growth enterprise board, securities companies will reinforce their investment banking business," said Zhang Xiang, chief strategic analyst of Guodu Securities Co.

"The heat of activity of the stock market may cool down in the second half, and the rising band may shrink too," Song Jian said. "The main business of the brokerages is unlikely to see big growth."