Haitong Securities 1Q16 net profit down 57%

Haitong Securities - 1Q16 pre-tax profit of RMB 1.75bn ($270m), down 57% YoY, due to weaker net interest and lower investment gains amid volatile market conditions.

HONG KONG--Haitong Securities Co. (600837.SH) said late Wednesday its first-quarter net profit fell 57% from a year earlier, partly because of weaker net interest income and lower investment gains amid volatility in stock markets.

The Hong Kong and Shanghai-listed securities firm said its net profit for the three months ended March 31 fell to 1.75 billion yuan (US$270 million) from CNY4.10 billion a year earlier, while its operating revenue fell 34% to CNY5.23 billion.