Everbright Securities' revenue decreases by 22% in H1
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According to the 2010 Interim Report released by Everbright Securities on Saturday, the company's revenue in the first half of the year was 1.948 billion yuan (US$286.3 million), a year-on-year decrease of 22 percent. Its net profit attributable to shareholders dropped 32 percent to 829 million yuan (US$121.83 million).
Due to the instability of the capital market, the brokerage business and proprietary business of Everbright Securities suffered heavy losses.
In the first six months of the year, the company achieved revenue of 1.166 billion yuan (US$171.356 million) from brokerage business, 28 percent lower than that of the same period last year. And because of the sharp decrease of the commission rate caused by the cut-throat competition, the total profit for this department was only 716 million yuan (US$105.23 million), a sharp decline of 42 percent year-to-year.
The loss of 297 million yuan (US$43.65 million) in proprietary business in H1 greatly affected the company's performance. In the same period of last year, the company realized income of 231 million yuan (US$33.95 million) in this department.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
