Taifook Securities reaps HK$189 mln in 18 months

Oct. 9, 2009 (China Knowledge) - Taifook Securities Group<0665>, a Hong Kong-based investment holding company, reported a net profit of HK$189 million for the 18 months ended Jun. 30, 2009, down 61% year on year, according to the company's statement filed with the Hong Kong Stock Exchange.

Earnings per share were 27.61 HK cents. A final dividend of HK$0.08 per share was declared.

As of June 2009, the group's revenue was HK$1.09 billion, down 26% from the end of 2007. Revenue from brokerage business dropped 37% to HK$147 million.

Currently, the number of mainland customers accounts for 20% of the company's total, said Chief Executive Peter S H Wong, adding that the figure is expected to exceed 50% in the future.

The company said in a statement that it will not set up more branches in Hong Kong, as the costs are higher there in the economic recession. However, it expects to establish up to two representative offices in the Northeast area of mainland China, and Shenyang may be a good choice.

Taifook Securities realized a profit of HK$484.85 million for the twelve months ended Dec. 31, 2007.