Haitong’s net profit drops in March

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Haitong Securities Co. Ltd. posted a 20.5 per cent year-on-year decrease in its net profit in March, the company revealed in a filing with the Hong Kong Stock Exchange yesterday.
The firm generated a total of RMB898.37 million (MOP1.04 billion/US$130.33 million) in net profit last month, compared to RMB1.13 billion the same month a year ago.
Meanwhile, its operating income dropped significantly by 40.2 per cent year-on-year to RMB1.05 billion in March, vis-à-vis RMB1.75 billion one year ago.
One of the company’s subsidiaries, Haitong Asset Management Company, on the other hand, recorded a doubling of its net profit in the same month, from RMB35.33 million to RMB72.65 million.
The subsidiary also posted a doubling year-on-year of its operating income during the same month, at RMB105.17 million as compared to RMB51.46 million. Haitong Securities held net assets worth a total of RMB103.2 billion as at the end of last month.
For the company’s 2016 fiscal year, it saw its net profit plunge by 49.2 per cent year-on-year to RMB8.04 billion.