Small and medium-sized securities firms such as Hanwha, SK, and Daol Securities saw their operating profit plunge last year
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hoondork@alphabiz.co.kr | 2023-01-31 08:22:32
[Alpha Biz=(Chicago) Reporter Paul Lee] The operating profit of small and medium-sized securities firms plunged last year due to the stock market recession and the real estate PF crisis.
Daol Investment & Securities announced on the 30th that its operating profit fell 33.28% year-on-year to 98.5 billion won last year and its net profit fell 56.49% to 76.6 billion won.
The company explained, "Profits declined due to increased market volatility, including rising interest rates."
Hanwha Investment & Securities announced that its operating profit fell 79% year-on-year to KRW 43.8 billion last year.
Net loss for the current term turned into a deficit of 47.6 billion won.
Hanwha Investment & Securities said, "External uncertainties such as a sharp interest rate hike and the real estate PF crisis last year negatively affected our performance," adding, "Last year's net profit recorded a deficit as we paid compensation to the plaintiff in advance due to some losses in civil appeals related to Chinese energy company China Low Energy and Chemical Group (CERCG) this month."
SK Securities said its operating profit fell 97.1% year-on-year to 1.5 billion won last year and its net profit fell 96.7% to 1.3 billion won.
SK Securities explained, "Our performance was sluggish due to the sluggish domestic asset market, such as interest rate hikes, sluggish stock markets, and the sluggish real estate market."
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