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Haitong Securities Q1 profit falls 57.23% YOY

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Haitong Securities Q1 profit falls 57.23% YOY

Haitong SecuritiesCo. Ltd. reported a 57.23% year-over-year decline in profit for thefirst quarter.

The company's first-quarter profit attributable to shareholderstotaled 1.75 billion Chinese yuan, or 15 fen per share, down from 4.10 billion yuan,or 43 fen per share, in the prior-year period.

Net interest income for the quarter declined to 874.6 millionyuan from 1.33 billion yuan, mainly due to a rise in interest expenses arising frombonds payable during the period. Net fee and commission income fellto 2.61 billion yuan from 2.76 billion yuan.

Net income from brokerage business charges decreased to 1.39billion yuan from 2.15 billion yuan, while net income from investment banking businesscharges rose to 873.1 million yuan from 325.6 million yuan. Net income from assetmanagement business charges increased to 113.3 million yuan from 67.3 million yuan.

Investment gains for the quarter slid to 1.07 billion yuan from2.56 billion yuan, driven by a decrease in investment gains from financial assetsat fair value through profit or loss.

Operating income totaled 5.23 billion yuan, down from 7.97 billionyuan in the prior-year quarter. Operating profit fell to 2.34 billion yuan from5.52 billion yuan.

As of April 27, US$1 wasequivalent to 6.50 Chinese yuan.