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CITIC Securities sees 36.39% drop in Q1 net profit

Apr. 28, 2012 (China Knowledge) - CITIC Securities Co<600030><6030>, China's largest securities firm by market value, announced that its net profit plunged 36.39% year on year to RMB 863 million in the first quarter of this year.

Basic earnings per share were RMB 0.08 in the period, down 42.86% year on year.

CITIC Securities realized RMB 2.39 billion in operating revenue in the first three months, down more than 30% from RMB 3.45 billion in the same period of 2011.

Revenue from brokerage business dropped 31.25% year on year to RMB 748 million, while that from securities underwriting business surged 55.81% year on year to RMB 300 million. The company booked RMB 481 million in investment income, 57.09% more than in the corresponding period of last year.

CITIC Securities earlier reported a net profit of RMB 12.58 billion for 2011, reflecting a growth of 11.18% year on year.

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