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Hongyuan Securities net profit rises sharply in 1st quarter

(XFNA)
Updated: 2007-04-26 17:16

Hongyuan Securities Co Ltd said its net profit for the first three months of 2007 surged to 309.66 million yuan (US$40.11 million) from 7.4 million yuan a year earlier, thanks to increased brokerage business amid the bullish trend of stock markets.

The company reported revenue of 256.56 million yuan for the first quarter, against just 49.61 million the year before, of which income from its brokerage business reached 213.2 million yuan.

In addition, the company gained 149.20 million yuan from investment activities, one of its non-core businesses, against a loss of 20.06 million a year earlier.

Hongyuan said it expects the growth momentum to continue, forecasting net profit for the first half of the year to soar by 900-1,000 percent year-on-year. It reported net income of 45.698 million yuan for the first six months of 2006.

Jianyin Investment Ltd, 100-percent owned by the central bank's investment arm Central Huijin Investment Co Ltd, is the largest shareholder of Hongyuan Securities with a 66.67 percent stake.

The brokerage's assets were valued at 11.197 billion yuan at the end of March, up 42 percent from 7.89 billion at end-2006.