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Biz News Korea(Eng)

Kyobo Securities sole winner in H1 on housing boom

Collected: 2016.08.31

Distributed: 2016.09.01

Source: Go Direct

South Korea’s Kyobo Securities Co. raked in 47.2 billion won ($42.1 million) in net income in the first half this year, up 20.7 percent year on year, when its domestic rivals all suffered losses from derivatives.

According to a recent regulatory filing, its operating profit also rose 11.7 percent on year to 53.2 billion won in the first six months on a consolidated basis. The brokerage firm was the biggest gainer among mid-tier brokerage houses in the January - March period, earning 21.5 billion won in net profit. In the following quarter, its net income rose 7.5 percent to 25.7 billion won. Its performance more than quadrupled the average quarterly net profit of 4.3 billion won among the small- and medium-sized securities sector. Its profit mostly came from property financing and investment consulting, according to a company official.

Most securities firms suffered losses from equity-linked securities in the first six months this year amid volatile market condition. Kyobo, on the other hand, earned more than 24 billion won from fixed income, currencies and commodities, up 88 percent from a year ago.

By Ko Min-suh

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