SHENZHEN, April 12 (Xinhua) -- GF Securities Co. Ltd. forecast its net profit to surge by 70 percent to 95 percent year-on-year in the first quarter of 2019 amid a stock market rally.
In a filing to the Shenzhen Stock Exchange, the Guangzhou-based brokerage said it was expected to report a net profit of 2.59 billion yuan to 2.98 billion yuan (385 million to 443 million U.S. dollars) in the January-March period.
Its asset management business, trading and institution business and investment management business all reported growth in revenues, thus leading to the surge in net profit, the firm said.
China's stock markets made a strong rebound in the first three months of the year, with transactions rising on recovering investor confidence. The benchmark Shanghai Composite Index soared 23.9 percent in the period.
In 2018, GF Securities' net profits slumped nearly 50 percent year-on-year to 4.3 billion yuan amid poor stock market performances.
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