Huatai Securities Co., China’s biggest brokerage by market share, said first-quarter profit declined 16 percent on trading losses.
Net income fell to 695 million yuan ($106 million) from 826 million yuan a year earlier, the Nanjing-based company said in a statement to Shanghai Stock Exchange today.
Total assets shrank 12.5 percent to 99 billion yuan, and the company posted a 41 million yuan loss on the fair value of financial assets, compared with a 48 million yuan gain a year earlier, according to the filing.
Profit from trading stocks and mutual funds for clients fell 35 percent to 17.4 million yuan last quarter from a year earlier. Fees from underwriting stock and bond sales surged 83 percent to 420 million yuan, it said.
Huatai Securities ranked 18th in domestic underwriting by total volume last year among the 77 securities companies ranked by the Securities Association of China.
The brokerage said earlier today that full-year net income in 2010, its first year as a publicly traded company, fell 9.8 percent to 3.43 billion yuan. The company raised 15.69 billion yuan in a February 2010 initial offering.
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