GF Securities net profit down 50% in 2018

SHENZHEN - GF Securities Co Ltd saw net profit slump nearly 50 percent year-on-year in 2018 amid poor stock market performances.

The net profit attributable to its shareholders hit 4.3 billion yuan ($641 million), the Guangzhou-based securities broker said in its 2018 financial results filed to the Shenzhen Stock Exchange.

Revenue fell 29.4 percent year-on-year to 15.3 billion yuan, it said.

Revenues for its investment banking business, trading and institution business and investment management business declined 55.7 percent, 72.5 percent and 39.7 percent, respectively.

Revenue from its asset management business, however, rose 3.3 percent year-on-year to 8.3 billion yuan.

Last year, China's benchmark Shanghai Composite Index fell 24.6 percent while the Shenzhen Component Index dropped 34.4 percent.

Shares of GF Securities closed 1.15 percent lower at 15.48 yuan on Wednesday.