Founder Securities reports surging net profit

Xinhua News Agency | Oct 18, 2019 at 11:11 AM

BEIJING, Oct. 18 (Xinhua) -- Founder Securities, a brokerage based in central China's Hunan Province, posted a sharp increase in net profit in the first three quarters of this year.

The company's net profit surged 136.48 percent year on year to about 1.07 billion yuan (about 152 million U.S. dollars) during the period, according to a statement filed to the Shanghai Stock Exchange Friday.

From January to September, business revenue amounted to 4.97 billion yuan, with a yearly increase of 33.95 percent.

The earnings per share stood at 0.13 yuan in the first three quarters, up from 0.06 yuan in the same period a year earlier, the statement said.

The company attributed the rising profit to the recovery of China's stock market and substantial growth in the revenue of brokerage and self-managing businesses.

Founder Securities shares fell 1.6 percent to close at 6.77 yuan Friday.