Southwest Securities' H1 profit down 63% on shrinking commissions

20:59, August 31, 2010      

Email | Print | Subscribe | Comments | Forum 

Southwest Securities Co., a major Chinese brokerage, reported a 62.57 percent decline in first-half profit due to squeezed commissions caused by falling stock trading volumes amid market fluctuations.

Net profits fell to 161.2 million yuan (23.7 million U.S. dollars) from 430.6 million yuan. Earnings per share stood at 0.08 yuan, compared with 0.23 yuan last year, the brokerage said in a statement filed with the Shanghai Stock Exchange Tuesday.

The company said its profit decline was largely due to falling commission income as the volatile stock market dampened investors' confidence and reduced trading volumes.

The benchmark Shanghai Composite Index tumbled 27 percent year on year in the first half, partly due to the government's efforts to cool the property market and concerns that an unwinding of economic-stimulus efforts would result in slower economic growth.

Shares of the company retreated 2.29 percent to end at 13.64 yuan.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Players of Iran throw up their coach Velasco Julio during the awarding ceremony at the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Greek artists burn copies of emergency tax notices during a protest against austerity measures in Athens, Greece, on Sept. 29, 2011. The Greek government is facing a new wave of protests as it introduces new austerity measures to obtain the sixth tranche of aids necessary to overcome the acute debt crisis.(Xinhua/Marios Lolos)
  • A winner of the 36th Miss Bikini International 2011 poses for a photo at the Olympic Sailing Center in Qingdao, a coastal city of east China's Shandong Province, Sept. 29, 2011. (Xinhua/Chen Jianli)
  • Staff members are in position at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Rao Aimin)
  • Champion of Miss Bikini from Poland receives trophy at the final of the 36th Miss Bikini International World Competition in Qingdao, east China's Shandong Province, Sept. 28, 2011. (Xinhua Photo)
  • Photo taken on Sept. 28, 2011 shows autumn scenery of populus euphratica forests in Ejina Banner, north China's Inner Mongolia. The populus euphratica forests here, with an area of 390,000 mu, or 26,000 hectares, is one of the world's most famous populus euphratica forests. The golden leaves and sunshines here in autumn is able to attract more than 100,000 person-times annually. (Xinhua/Zhao Tingting)
Hot Forum Discussion