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Haitong Securities' 2011 net profit down 15.82%

Mar. 16, 2012 (China Knowledge) - Haitong Securities Co Ltd<600837>, China's second largest publicly traded brokerage firm, announced yesterday that its net profit fell 15.82% year on year to RMB 3.10 billion last year, dragged down by a decline in revenue from brokerage business amid a stock market slump.

Basic earnings per share were RMB 0.38 last year, down 15.56% year on year. The securities firm proposed a final dividend of RMB 1.5 per ten shares.

Operating revenue slid 4.86% year on year to RMB 9.29 billion in 2011.

The company said that its revenue from securities and futures brokerage business reach RMB 3.82 billion in the year, and its transaction volume of stocks and funds accounted for 4.13% of the market's total, up from 4.06% in 2010 and ranking fourth across the country.

Media reports said earlier this week that the company aims to list in Hong Kong in April. The brokerage firm in mid-December shelved its initial public offering in Hong Kong due to a volatile market condition. It planned to raise between HK$11.5 billion and HK$13 billion by issuing 1.23 billion H shares.

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