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China Everbright 2008 net profit down 80%

(Xinhua)
Updated: 2009-03-27 09:00

Hong Kong-listed financial services provider China Everbright Limited reported a net profit of HK$1.015 billion ($130 million) for 2008, down 79.73 percent year-on-year, the company said Thursday.

Related readings:  China Everbright Bank to go public soon  China Everbright Bank gets reform nod  Everbright shines on returning to black

Earnings per share was HK$0.639 and the board recommended a final dividend of HK$0.12, compared to HK$0.1 in the previous year. The full-year dividend totaled HK$0.2 in 2008.

Turnover decreased 9.62 percent to HK$4.14 billion, while profit from operations was down 59.5 percent at HK$710 million, said Chen Shuang, chief executive officer of the company.

The company's Hong Kong operations contributed pre-tax profit of HK$703 million, with much of the profit coming from direct investment and losses from investment banking operations.

Everbright Securities, of which China Everbright holds a 39.31 percent stake, recorded a total income of 4.83 billion yuan, while pre-tax profit was down 76 percent to 1.19 billion yuan.

Everbright Bank, of which the group holds 6.23 percent stake, realized after-tax profit of 7.32 billion yuan, up 45.2 percent.

Chen Shuang said the board of directors and the shareholders have approved the plan for a listing of the bank on the mainland stock market and the plan has been submitted to regulatory authorities and awaiting their decisions.