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Western Securities reports 54.88% plunge in profit for H1

Aug. 7, 2012 (China Knowledge) - Western Securities Co<002673> has announced that its net profit fell 55% YoY to RMB 102 million in the first half of this year.

The securities firm's operating revenue dropped 34.65% from the same period of last year to RMB 423 million in H1.

Revenue from securities brokerage business declined 30% YoY to 318.64 million in the first six months.
Revenue from investment banking business slid 96.44% YoY in the period, and that from self-operated business decreased 56% to RMB 68.6 million.

As of the end of June, the company's net assets had hit RMB 4.99 billion.

Western Securities was ranked 49th in terms of net profit in H1 among the 111 securities companies in China and 47th by operating revenue, according to data from the Securities Association of China.

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