Samsung Securities Q2 net plunges 69 pct on investment loss

SEOUL, Nov. 11 (Yonhap) -- Samsung Securities Co., South Korea's leading
brokerage, said Tuesday that its second-quarter earnings plunged 69 percent from
a year earlier due to investment losses from bonds and stocks.
Its net profit reached only 30 billion won (US$22.4 million) in the
July-September period, compared with 95 billion won a year earlier, the brokerage
house said in a regulatory filing.
Operating income sank 75 percent to 29 billion won over the cited period, and
revenue fell 8 percent to 458 billion won.
A sharp decline in the value of debts it holds as investments and income from
brokerage commissions were mainly responsible, it said.
Shares of Samsung Securities closed at 64,300 won on the Seoul bourse, down 1.83
percent.
Local brokerages are expected to face tough business conditions down the road on
severe competition and the slumping stock market.
The country's key stock index, KOSPI, closed at 1,128.73 on Tuesday, a sharp drop
from its peak of over 2,000 points seen in October last year.
sam@yna.co.kr
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