The first interim report of 2010 for securities brokers was released Friday by Northeast Securities Co in Changchun, capital of Northeast China's Jilin province, the Shanghai Securities Journal reported.
The company's business revenue slid 46.29 percent year-on-year to 510 million yuan ($75.28 million), while net profit attributable to shareholders of the parent company decreased by 76.83 percent to 110 million yuan compared with the same period last year, according to its report released.
In the first half of 2010, the basic earnings per share were 0.17 yuan, down 77.73 percent from a year ago. Weighted average return on equity was 3.63 percent, a decrease of 15.37 percent from a year ago.
Northeast Securities attributed the slump to the downward trend in the stock market, the decrease in commissions and the shrinking of turnover.
The slide in the company's securities brokerage and self-operated business was the main factor that dragged down the business revenue, the newspaper said.
According to the report, the revenue generated in securities brokerage was 537 million yuan, down 17.55 year-on-year with the operating profit margin down 15.71 percent. Securities underwriting and sponsorship business contributed 71.66 million yuan to the total revenue, up 1,547.40 percent year-on-year with the operating profit margin up 490.25 percent.
The company's self-operated business lost 185 million yuan in revenue, down 180.82 percent compared with a year ago. The asset management business raked in 10.68 million yuan.>
