South Korean securities companies are estimated to have seen their bottom lines plunge in the first quarter of fiscal 2013 from a year earlier due mainly to a prolonged stock market slump, a market tracker said Sunday.
According to financial information provider FnGuide, five of six major securities companies, which have three or more first-quarter earnings estimates, have suffered sharp declines in their bottom lines for the April-June period. Local securities firms close their books on March 31.
According to FnGuide, the net profit of market leader Samsung Securities Co. is estimated at 40.01 billion won ($35.5 million) in the first quarter, down a whopping 32.4 percent from the 59.15 billion won a year earlier.
Mirae Asset Securities Co. is expected to see its first-quarter net income nosedive 31.7 percent to 29.93 billion won from 43.82 billion won during the same period last year.
Woori Investment & Securities Co. is estimated to suffer a 29.8 percent on-year tumble in net profit to 22.53 billion won, with the bottom line of Korea Investment & Securities Co. likely to sink 22.2 percent on-year to 45.44 billion won. (Yonhap News)
