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GF Securities expects Q1 net profit to drop 2.13%

Apr. 12, 2012 (China Knowledge) - GF Securities Co Ltd<000776>, a major brokerage firm in China, announced yesterday that it expects its net profit to fall 2.13% year on year to RMB 651 million in the first quarter of this year, due to a weak stock market.

The company's unaudited operating revenue rose 3.70% year on year to RMB 1.79 billion in the first quarter.

GF Securities saw a decline in revenue from brokerage business but significant increases in revenues from investment banking, proprietary investment and asset management businesses.
In the first quarter, China's stock trading on the Shanghai and Shenzhen bourses decreased by RMB 4.68 trillion or 34.04% year on year to RMB 9.07 trillion, despite a 2.88% increase in the Shanghai Composite Index.

As of the end of 2011, the company's total assets had reached RMB 83.01 billion, 8.07% more than a year earlier.

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