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GF Securities reports 48.75% plunge in net profit for 2011

Apr. 17, 2012 (China Knowledge) - GF Securities Co Ltd<000776>, a major brokerage firm in China, announced yesterday that its net profit fell 48.75% year on year to RMB 2.06 billion last year, due to a sharp decline in revenue from brokerage business.

Basic earnings per share were RMB 0.78 in 2011, down 51.85% year on year. The company proposed a dividend of RMB 5 per ten shares.

GF Securities realized RMB 5.95 billion in operating revenue last year, 41.82% less than in the previous year.

Revenue from securities brokerage business dropped 45.19% year on year to RMB 3.03 billion, and that from investment banking business slid 5.54% to RMB 871 million.

The company's trading value of stocks and funds was RMB 3.49 trillion in the year, down 23.80% year on year.

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