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Northeast Securities turns profit into loss in 2011

Jan. 12, 2012 (China Knowledge) - Northeast Securities Co Ltd<000686> has posted RMB 151.89-million net loss for 2011, compared with a net profit of RMB 527.13 million it reaped in 2010, according to a statement filed with the Shenzhen Stock Exchange.

Last year, the securities company reaped RMB 808.35 million in operating revenue, whereas it earned nearly RMB 1.7 billion from two years ago, reflecting a plunge of 52.45%.

Gross loss totaled RMB 167.31 million in 2011, compared with gross profit of RMB 685.87 million in 2010.

At the end of 2011, the company had RMB 12.53 billion in total assets, whereas it had RMB 19.58 billion as of December 31, 2010, representing a decline of 35.99%.

Other several securities firms also suffered losses last year. In the previous year, net loss of Founder Securities Co Ltd<601901> and Sealand Securities Co Ltd<000750> reached RMB 53.36 million and RMB 28.11 million, respectively.  

Officers of Northeast Securities said the rate of commission in China's securities industry might have declined by 25% in 2011.

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