Economic rebound lifts Merchants Securities' profit
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China Merchants Securities Co., Ltd., a major Chinese securities firm, Tuesday announced a net profit surge of 84.48 percent year on year in 2009 driven by economic rebound in the country.
The net profit of the Shenzhen-based company reached 3.73 billion yuan (546.48 million U.S. dollars) in 2009. Its business revenue rose 76.53 percent year on year to 8.68 billion yuan in 2009, the Shanghai-listed firm said in its annual report.
Earnings per share stood at 1.14 yuan, up 80.95 percent from a year earlier, the report said.
China Merchants Securities attributed its profit surge last year mainly to the upward trend of the A-share stock market in 2009 along with the country's economic rebound
As of 14:40 p.m., the shares of China Merchants Securities were down 0.15 percent to 26.61 yuan per share despite the profit report.
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