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Korean securities firms saw losses at their foreign operations widen in the first half of fiscal 2011 from a year earlier due mainly to heightened market uncertainties, the financial regulator said Thursday.
The 93 foreign units of 19 local brokerages saw their combined net loss reach $43.3 million in the April-September period of last year, compared with $17.3 million a year earlier, according to the Financial Supervisory Service. The firms close their books on March 31.
The weak bottom line came as increased market volatility stemming from the eurozone debt crisis eroded their net profit, the FSS said.
After swinging to losses in the first half of fiscal 2010, the foreign units have continued to stay in the red amid unfavorable market circumstances and increased spending for their expansion.
As of end-September, 19 local securities firms ― including top players Samsung Securities Co. and Daewoo Securities Co. ― operated 59 local subsidiaries, three branches and 31 representative offices in 14 countries.
(Yonhap News)
The 93 foreign units of 19 local brokerages saw their combined net loss reach $43.3 million in the April-September period of last year, compared with $17.3 million a year earlier, according to the Financial Supervisory Service. The firms close their books on March 31.
The weak bottom line came as increased market volatility stemming from the eurozone debt crisis eroded their net profit, the FSS said.
After swinging to losses in the first half of fiscal 2010, the foreign units have continued to stay in the red amid unfavorable market circumstances and increased spending for their expansion.
As of end-September, 19 local securities firms ― including top players Samsung Securities Co. and Daewoo Securities Co. ― operated 59 local subsidiaries, three branches and 31 representative offices in 14 countries.
(Yonhap News)
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Articles by Korea Herald
