CITIC Securities net profit plummets in 2012

Shanghai-listed CITIC Securities Co Ltd reported on March 27 a 66.3 percent year-on-year decline of net profit in 2012.

CITIC's annual report for calendar year 2012 showed that net profit fell to 4.2 billion yuan ($675.5 million).

Analysts said 2012 was a difficult year for many brokerages because of the sluggish stock market.

Yield of CITIC stock dropped to 0.38 yuan per share, a 69 percent year-on-year decrease.

Operation revenue of the brokerage dropped 53.29 percent to 11.7 billion yuan, the report said.

The investment business generated 3.6 billion yuan, a 680 percent year-on-year surge, the annual report said. Underwriting securities generated 2.66 billion yuan, a 41 percent year-on-year increase.

To change the picture in 2013, securities companies need to expand more income resources via innovative business and reduce costs, analysts said.