August 13, 2008, 6.15 pm (Singapore time)

UOB Kay Hian's profits down 64%

By CHOW PENN NEE
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A decline in trading volume and lower commission income dragged down UOB Kay Hian's profits.

The brokerage reported a 64 per cent fall in net profit for the three months ended June 30, to $29.2 million or 4.02 cents per share.

Revenue dropped 57 per cent to $94.1 million.

The group said last year was an exceptional year, with record turnover for the stock broking industry and the Group.

The group said hHigh energy and commodity prices are expected to have a negative impact on corporate earnings.

A slow down in global growth will continue to impinge on financial markets in the foreseeable future, it said in a statement. But the group still expects to remain profitable, barring any unforeseen market upheavals, it added.