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Haitong Securities FY'16 net profit falls 49.22% YOY

Haitong Securities Co. Ltd.'s net profit for full-year 2016 declined 49.22% year over year, which the company attributed to volatile securities market conditions.

The firm reported profit attributable to owners of 8.04 billion yuan, or 70 fen per share, from 15.84 billion yuan, or 1.48 yuan per share, in 2015.

Net cash from operating activities fell to 19.27 billion yuan from 33.99 billion yuan, while revenue and other income dropped to 42.49 billion yuan from 55.29 billion yuan in the prior year.

The brokerage noted that the challenges it faced in 2016 included stock market volatility early in the year and in the bond market towards the end of the year.

The company's board also declared a cash dividend of 22 fen per share for 2016, down from 45 fen per share for 2015.

As of March 29, US$1 was equivalent to 6.89 Chinese yuan.