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CITIC Securities net profit falls 19.77% in H1

CITIC Securities Co., China's largest listed brokerage, posted a 19.77 percent decline in net profit in the first half of this year on a suspension of initial public offerings and a decrease in fund sales.

Net profit in the first half stood at 3.82 billion yuan (US$55.9 million), dropping 940 million yuan from a year earlier, the company said in its interim report yesterday.

Business revenue fell 17.91 percent to 8.95 billion yuan in the first half, compared with 10.91 billion yuan in the same period last year, according to the report.

The company suffered a 36.86 percent decline in the first half year on year in securities underwriting business due to a 10-monthban on initial public offerings that ended in June. Revenue from selling funds slumped 45.63 percent compared with the same period last year.

Investment gains tumbled 78.03 percent year on year to 1.3 billion yuan in the first half, according to the report.

CITIC shares added 0.16 percent to close at 32.56 yuan in the Shanghai Stock Exchange Friday.


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