China's securities companies are on track for rising profits this year with the nation's economic growth back on track, a renowned financial analyst said Wednesday.
Yi Xianrong, an analyst with the Financial Research Institute of the Chinese Academy of Science, said China's economic recovery was a major factor leading to the sound performances of securities companies in the first-half.
He was commenting on a report on the performances of the 55 Chinese securities companies that have released their first-half reports.
The companies had net profits totaling 28.6 billion yuan (US$4.2 billion), and none reported losses, according to a report from Shanghai Wind Information Technology Co., Ltd. (SWIT), a financial information service, published Tuesday.
China has 108 securities companies and they must release their first-half reports by the end of August, according to Securities Association of China.
The three most profitable firms were Guotai Jun'an Securities Co. Ltd.with profits of 2.323 billion yuan, GF Securities Co.,Ltd. at 2.137 billion yuan, and Guosen Securities at 1.805 billion yuan, said the report.
The net profit of the 55 securities companies increased 40 percent in the first half from the same period last year, with eight companies turning losses into gains, said SWIT.
Orient Securities, which lost 875 million yuan in the first half of last year, made a net profit of 922 million yuan in the first half, ranking 11th out of the 55 securities companies.
(Xinhua News Agency July 23, 2009)
