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Haitong profits plunge

By Xu Shenglan | China Daily | Updated: 2009-01-16 07:45

Among the first batch of publicly listed securities firms to report their earnings, Haitong Securities Co, China's second-largest stockbroker after CITIC Securities, said its profit for 2008 fell 40 percent from a year before to 3.3 billion yuan, on sales of 7 billion yuan, down 38 percent.

It still performed better than its peers. A smaller company, Guoyuan Securities, announced a whopping 77 percent plunge in profit to 524 million yuan, after charging off a loss of 94 million yuan on proprietary investment.

The even smaller New Times Securities reported a loss of 193 million yuan for 2008, during which its expenditures, amounting to 435 million yuan, exceeded its operating revenue of 229 million yuan.

Haitong profits plunge

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