Profits plummet in Oct for China's brokerage firms
Updated: 2013-11-07 15:36By Gao Changxin in Shanghai ( chinadaily.com.cn)
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Large Medium SmallSixteen public brokerage firms that released financial results for October saw a combined drop in profit of 63 percent year-on-year, Securities Times reported Thursday.
The brokerages had a combined revenue of 3.22 billion yuan ($528 million), down 48 percent year-on-year. Profit was 970 million yuan.
Among the 16 brokerages, Haitong Securities Co Ltd did the best on October, raking in 158 million yuan in profits. Industry-leader CITIC Securities Co Ltd saw profit plummeting 88.13 percent year-on-year to 76.78 million yuan.
Wang Mingfei, an analyst with Orient Securities Co Ltd, blamed the weak performance on poor numbers in the stock and bond market.
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