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Mirae Asset Daewoo posted record high earnings from overseas markets for the first three months this year. Thanks to its solid businesses abroad, the securities firm managed to bounce back from the previous quarter's disappointing earnings.
Mirae Asset Daewoo announced Monday it posted a 142 billion won ($119.6 million) operating profit in the first quarter of the year.
The brokerage's net profit stood at 168.2 billion won in the period. The figure is down 16.2 percent from a year ago, but is up 507 percent from the previous quarter's figure of 27.7 billion won.
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"The brokerage has displayed a solid earnings streak overseas over the past year since it started concentrating on its foreign operations to overcome the nation's saturated financial market."
According to the official, Mirae Asset posted a 42.8 billion won pretax net profit in its overseas markets during the first three months this year. Up 13.8 percent year-on-year, this was the brokerage's highest earnings in its overseas businesses.
Of its overseas markets, Mirae Asset's corporate bodies in Hong Kong, London, India and Los Angeles led the momentum by posting a 29.2 billion won net profit in the period, up 1846.7 percent from the previous quarter.
Mirae Asset has also successfully boosted its presence in Brazil, Indonesia and Vietnam as the earnings there jumped 38.1 percent quarter-on-quarter to 11.6 billion won in the period.
The brokerage's operating profit in investment banking businesses has topped 100 billion won over four consecutive quarters.
In a bid to boost its overseas businesses, Mirae Asset Financial Group founder Park Hyeon-joo returned to the brokerage's business frontline by stepping down from the group's chairman post and appointing himself as head of its Hong Kong body in March 2018.
