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Pacific Securities FY'18 profit hit by litigation provisions

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Pacific Securities FY'18 profit hit by litigation provisions

China's Pacific Securities Co. Ltd. made provisions of 235.2 million yuan for litigation against companies that have failed to repay 1.01 billion yuan worth of loans on pledged securities.

This reduced the brokerage's 2018 financial year net profit by 176.4 million yuan, according to a May 29 release.

The company added that as the cases for the breaches of securities repurchase agreements are ongoing, it is unable to forecast the impact of litigation on current or future profit.

As of May 29, US$1 was equivalent to 6.91 Chinese yuan.