Everbright Securities operating income up 550%
(XFN-Asia)Updated: 2007-04-06 17:01
Everbright Securities is expected to have posted an operating income of
1.16 billion yuan (US$150 million) in the first quarter, a whopping 550 percent
rise over the same period a year earlier amid a booming domestic stock market,
the China Securities Journal reported.
The company is also expected to have recorded an operating profit of 870 million yuan in the first three months of 2007, about ten times higher than that in the same period last year.
Income from Everbright Securities' brokerage business will further grow after it signed an agreement to purchase securities-related assets from the now-bankrupt Tianyi Securities in March, the newspaper said.
Everbright Securities said it will soon increase its market share of brokerage business from 3.8 percent to 4 percent because the acquisition will help its network expansion in Zhejiang province.
Everbright Securities has just completed a private placement to raise its net
capital to more than 4.6 billion yuan, paving the way for an initial public
offering.
(For more biz stories, please visit Industry Updates)
| ||