Market volatility takes bite out of China Galaxy’s profit
Securities brokerage China Galaxy Securities Co. Ltd. (6881.HK; 601881.SH) said on Thursday its revenue fell 36.5% to 5.72 billion yuan ($858 million) in the third quarter, as its profit also slumped 28% to 3.23 billion yuan.
The company’s revenue edged down 0.81% year-on-year to 22.57 billion yuan in the first nine months of the year, while its profit ticked up 0.52% to 11 billion yuan during the period.
The steep third-quarter declines owed primarily to market volatility during the period, which dragged down revenue in the company’s investment and other businesses. Its accounts receivable for the quarter also swelled, surging 76% year-over-year to 15.9 billion yuan.
Shares of China Galaxy rose 1.7% on Friday to close at HK$6.72. The stock is down over 40% from its 52-week high.
By Lau Chi Hang
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