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Pacific Securities expects up to 85% YOY fall in FY'17 net profit

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Pacific Securities expects up to 85% YOY fall in FY'17 net profit

Pacific Securities Co. Ltd. forecasts an 82% to 85% year-over-year decline in net profit attributable to shareholders for the 2017 full year.

The company attributed the expected profit decline partly to a fall in the turnover of stock funds, a decrease in commissions and brokerage operations revenue, as well as a rise in interest expenses, according to a Jan. 30 filing.

The Chinese brokerage reported 2016 net profit attributable to shareholders of 667.7 million yuan, or 10 fen per share.

As of Jan. 30, US$1 was equivalent to 6.32 Chinese yuan.