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GF Securities expects 2011 profit to plunge 48.75%

Jan. 11, 2012 (China Knowledge) - GF Securities Co Ltd<000776>, a major brokerage firm in China, announced yesterday that it expected its net profit in 2011 to fall 48.75% year on year to RMB 2.06 billion.

The company's basic earnings per share were estimated at RMB 0.78 last year.

The securities firm attributed the sharp drop in net profit to a downturn in the Chinese stock market and a stake sale of subsidiary GF Huafu Securities in 2010, which was no longer included in its financial reports in 2011.

The company said its unaudited operating revenue was RMB 5.95 billion in 2011, reflecting a decline of 41.75% year on year.

At the end of 2011, the company's total assets had decreased 19.81% from the beginning of last year to RMB 76.94 billion, while its shareholders' equity increased 63.06% from a year earlier to RMB 31.63 billion.

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