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GF Securities net profit grows 677%

(XFNA)
Updated: 2007-04-25 09:31

GF Securities Co Ltd said its net profit grew 677 percent year-on-year to 1.23 billion yuan (US$159 million) in 2006, from 157.73 million yuan in 2005.

The results are based on Chinese accounting standards.

Total revenue rose 276 percent to 3.73 billion yuan, including 1.89 billion yuan from its brokerage business and 114 million yuan in underwriting income, the firm said in a statement submitted to the Securities Association of China.

Previous media reports have said Guangdong-based GF Securities is likely to become the first securities brokerage to go public in China through a backdoor listing via Yan Bian Road Construction Co Ltd, but the deal still has yet to get approval from China's regulators.