Pacific Securities (601099.SH) is expected to see a net profit loss of 1.2-1.4 billion yuan in 2018 full-year results, representing a decrease of 1.316-1.516 billion yuan year on year, according to the company’s recent announcement. It is highly possible that Pacific Securities lost the most in 2018 among securities companies.
The company attributed the loss to three factors, including market slump, defaults of counterparties and impact of the company’s provision of large amount of assets depreciation reserves.
The loss did not show up without warnings. Pacific Securities admitted on July 27, 2018 that the company was trapped in lawsuit disputes, involving over 1.5 billion yuan. The company reported an annual revenue of only 1.297 billion yuan in 2017.
The company attributed the loss to three factors, including market slump, defaults of counterparties and impact of the company’s provision of large amount of assets depreciation reserves.
The loss did not show up without warnings. Pacific Securities admitted on July 27, 2018 that the company was trapped in lawsuit disputes, involving over 1.5 billion yuan. The company reported an annual revenue of only 1.297 billion yuan in 2017.
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