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Southwest Securities' profit down 46.08% in Q1

Apr. 17, 2012 (China Knowledge) - Southwest Securities Co Ltd<600369>, a Chongqing-based brokerage firm, announced yesterday that its net profit fell 46.08% year on year to RMB 160 million in the first quarter of this year.

According to a statement filed with Shanghai Stock Exchange, the brokerage firm saw its operation revenue decreased 38.48% year on year to RMB 353 million in the first three month of this year.

Basic earnings per share were RMB 0.07, fell 46.15% than a year earlier.

The company said that the decrease in the first quarter of 2012 is due to a 58.64% decline in its investment banking business and brokerage business.

Last year, Southwest Securities booked a net profit of RMB 263 million, down 67.38% year on year, and operation revenue for last year drop 46.28% than a year earlier to RMB 1.04 billion, source reported.

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