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China’s GF Securities Reports Nearly 40% Profit Drop in Third Quarter

Stock MarketsOct 29, 2018 01:22AM ET
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Investing.com - China’s brokerage firm GF Securities Co Ltd (HK:1776) reported Monday that its net profit for the third quarter plummeted by 39.23% compared to the same period last year. Its net profit was down 35.39% year-on-year for the first 9 months of the year, the company said.

Despite the losses, the H shares of GF Securities in Hong Kong inched up 0.96% to HK$9.5.

The company’s net assets only rose 1.22% in the third quarter, compared to the end of 2017, while its operating revenue in the third quarter was down 23.88% from the same period last year.

On Friday, the company announced that it raised RMB15 billion in a private placement to fund its four wholly owned subsidiaries. The funds raised will be used to enhance its equity financial services and expand its business in fixed income, currencies and commodities (FICC), as well as to develop and apply fintech.

China’s GF Securities Reports Nearly 40% Profit Drop in Third Quarter
 

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