Brokerages still in the black

The capital market travails in 2008 have left most stockbrokers unscathed with nine out of 10 managing to stay in the black, the Securities Association of China said.

The association, of which most stockbrokers are members, said the combined profit of all 107 stockbrokers amounted to 48.2 billion yuan in 2008, down from 130.7 billion yuan earned by 106 firms in 2007.

Revenue declined 56 percent to 125.1 billion yuan from a year earlier. Ninety-five companies managed to stay profitable in the period, accounting for 89 percent of the total, the association said on its website.