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Zheshang Securities Q3 profit falls YOY

Zheshang Securities Co. Ltd. said its third-quarter normalized net income was 7 fen per share, a decrease of 46.2% from 13 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 255.8 million yuan, a decline of 33.5% from 384.7 million yuan in the year-earlier period.

The normalized profit margin fell to 20.9% from 30.5% in the year-earlier period.

Total revenue decreased on an annual basis to 1.23 billion yuan from 1.26 billion yuan, and total operating expenses rose 26.2% on an annual basis to 818.5 million yuan from 648.8 million yuan.

Reported net income decreased 38.2% from the prior-year period to 285.0 million yuan, or 8 fen per share, from 460.9 million yuan, or 16 fen per share.

As of Oct. 24, US$1 was equivalent to 6.63 yuan.