Changjiang profits fall 22.83%
By Winny Wang |
August 11, 2010, Wednesday
|
Print Edition
Print Edition
CHANGJIANG Securities Co's net income slumped 22.83 percent in the first half of this year, representing a general picture of domestic brokerages hurt by lower commissions and proprietary business amid a sluggish stock market.
Profit at the Hubei-based brokerage fell to 491 million yuan (US$72.51 million) in the period, declining 22.83 percent from a year earlier, with revenue falling 8.75 percent to 1.24 billion yuan, it said in a statement to the Shenzhen Stock Exchange yesterday.
The company's commission revenue fell 2 percent to 893 million yuan in the first half, while revenue from proprietary business dropped 38 percent to 184 million yuan and underwriting income slipped 6.85 percent to 99.77 million yuan, the statement said.
The medium-sized brokerage witnessed revenue growth only in the asset-management business, which grew 6.95 percent to 23.07 million yuan.
Changjiang Securities attributed the income decline to the sluggish A-share market. The CSI 300 Index, which tracks the top 300 companies listed on the two domestic exchanges, declined nearly 30 percent in the first half of this year to become one of the worst performers in Asia.
"Innovation in business was unable to make up for the fall in commission income," the brokerage said.
Profit at the Hubei-based brokerage fell to 491 million yuan (US$72.51 million) in the period, declining 22.83 percent from a year earlier, with revenue falling 8.75 percent to 1.24 billion yuan, it said in a statement to the Shenzhen Stock Exchange yesterday.
The company's commission revenue fell 2 percent to 893 million yuan in the first half, while revenue from proprietary business dropped 38 percent to 184 million yuan and underwriting income slipped 6.85 percent to 99.77 million yuan, the statement said.
The medium-sized brokerage witnessed revenue growth only in the asset-management business, which grew 6.95 percent to 23.07 million yuan.
Changjiang Securities attributed the income decline to the sluggish A-share market. The CSI 300 Index, which tracks the top 300 companies listed on the two domestic exchanges, declined nearly 30 percent in the first half of this year to become one of the worst performers in Asia.
"Innovation in business was unable to make up for the fall in commission income," the brokerage said.
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