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China Merchants Securities sees 35.72% drop in H1 profit

Aug. 14, 2012 (China Knowledge) - China Merchants Securities Co Ltd<600999>, a major Chinese securities firm, announced yesterday that its net profit fell 35.72% YoY to RMB 949 million in the first half of this year.

Basic earnings per share were RMB 0.20 during the period, said the company in its interim report.

The firm's operating revenue was RMB 2.57 billion in the first six months, down about 21% from RMB 3.25 billion in H1 of 2011.

Revenue from securities brokerage business dropped 20.85% YoY to RMB 1.36 billion in the period, due to declines in commission rate and trading volume, and that from investment banking business plunged 59.94% YoY to RMB 319 million.

The securities investment business generated RMB 677 million of revenue, 48.71% more than in the same period of last year.

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