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55 unlisted China securities companies post 03 loss Of 47m yuan: report ( 2004-02-04 15:05) (Agencies)
Fifty-five of China's unlisted medium to large-sized brokerages posted an aggregate loss of 47 million yuan last year, according to figures from a government agency that were reported in the Securities Times newspaper. The report didn't give comparative figures for 2002.
Of the 55 firms, 44 were profitable and 11 ended the year in the red.
Five companies posted losses of more 100 million yuan each or 1.1 billion in combination, according to figures from the National Interbank Funding Center, the report said.
Just three firms posted a net profit of more than 100 million yuan. Their aggregate net profit totaled 500 million yuan, the report said.
Minsheng Securities had the biggest loss of 467 million yuan, while Guosen Securities was one of the most profitable brokerages with a net profit of 220.5 million yuan, up from 58.1 million yuan in 2002, the report said.
In China, the lending, borrowing and trading of funds is centralized at the National Interbank Funding Center, which is also known as the China Foreign Exchange Trade System.
The center includes 57 member brokerages, with CITIC Securities and Hong Yuan Securities - the only two listed brokerages in China - among them.
The funding center required its unlisted brokerage members to disclose their 2003 annual results in January.
CITIC and Hong Yuan, as listed companies, are required to report their annual results by the end of April.
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