Profits plummet in Oct for China's brokerage firmsUpdated: 2013-11-07 15:36
Sixteen 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.
You may also want to read