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Founder Securities sees 81.42% plunge in 2011 net profit

Apr. 5, 2012 (China Knowledge) - Founder Securities Co<601901>, the Chinese partner of Credit Suisse Group, announced yesterday that its net profit fell 79.42% year on year to RMB 257 million in 2011, due to a slump in the stock market.

Basic earnings per share were RMB 0.05 last year, down 81.42% year on year. The brokerage firm proposed a final dividend of RMB 0.7 per ten shares or RMB 427 million in total.

The company's operating revenue dropped 44.65% year on year to RMB 1.71 billion in 2011. Revenue from brokerage business declined 36.02% to RMB 1.29 billion in the period.

The firm's transaction value of stocks, funds and warrants hit RMB 1.48 trillion last year, ranking 16th among Chinese securities companies. At the end of last year, the company's total assets had reached RMB 26.14 billion.

Founder Securities plans to launch a unit in Hong Kong this year in an effort to expand its business into the city.

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