Southwest Securities reports 600% profit surge last year
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Net profit of Southwest Securities Co, Ltd., rocketed 609 percent year on year last year to 1.01 billion yuan (148.1 million U.S. dollars), the company announced in its annual report Tuesday.
The brokerage, based in southwest China's Chongqing municipality and listed on Shanghai Exchange last year, attributed its huge profit to the recovery of China's stock index from 1,849 points to 3,277 points last year, it said in the report filed to Shanghai Exchange.
Turnover of the company also soared 191.6 percent year on year to 2.05 billion yuan in 2009, and earnings per share rose 500 percent year on year to 0.54 yuan in the same period, making net assets per share 2.51 yuan, up 25.5 percent year on year, the report said.
The brokerage's total assets climbed 86.49 percent year on year to 14.97 billion yuan in 2009, according to the report.
Chongqing Yufu Asset Management Company, a state-owned investment company based in Chongqing, is Southwest Securities's largest holder, holding 49.35 percent of the brokerage's shares.
Share price of the company opened 1.05 percent higher at 16.48 yuan Tuesday, and its market value totalled about 31.9 billion yuan.
Shanghai Composite Index, the Chinese shares' benchmark, was down 0.11 percent to 2,932.09 points Tuesday.
