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Property sale boosts profits for securities firms

TAIPEI--Securities companies operating in Taiwan saw their monthly profits double in September due largely to handsome gains from the disposal of a piece of property by one of the firms, the Taiwan Stock Exchange (TWSE) said yesterday.

The 84 securities companies posted NT$3.14 billion (US$108 million) in net profit, up 106.8 percent from August, according to the TWSE.

The sharp increase resulted mainly from Horizon Securities' gain of about NT$2.02 billion from the sale of a commercial property in downtown Taipei in September, the stock exchange said.

Were it not for that transaction, the securities firms would have recorded a slight monthly decline in profit from August, when the net figure was NT$1.52 billion, according to the TWSE.

It said 57 of the 84 securities companies made a net profit, while 27 suffered a net loss.

Among the 48 integrated securities firms, 35 recorded gains and 13 incurred losses, while 21 of the 35 dedicated brokerages reported profits and 14 lost money, the TWSE said.

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