Pacific Securities sees 2009 profit up 162%

Pacific Securities sees 2009 profit up 162%

Pacific Securities, a national comprehensive securities company of China, on Friday forecast its net profit in 2009 would grow 162 percent from a year ago.
In a statement to the Shanghai Stock Exchange, Pacific Securities said its net profit for last year would tally around 405.35 million yuan ($59.44 million), and earnings per share would be about 0.27 yuan.
The rise in the corporation’s profit was attributed to the economic rebound thanks to the country’s stimulus package, plus a recovery in capital market.
Shares of Pacific Securities opened lower at 16.56 yuan per share on Friday compared with the previous closing of 16.67 yuan per share despite the profit gains forecast.