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Zheshang Securities Q2 profit falls YOY

Zheshang Securities Co. Ltd. said its normalized net income for the second quarter came to 7 fen per share, a decline of 12.8% from 8 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 209.6 million yuan, a decrease of 22.2% from 269.2 million yuan in the year-earlier period.

The normalized profit margin declined to 19.9% from 23.3% in the year-earlier period.

Total revenue fell 8.9% year over year to 1.05 billion yuan from 1.15 billion yuan, and total operating expenses declined year over year to 710.4 million yuan from 726.0 million yuan.

Reported net income decreased 18.0% on an annual basis to 262.9 million yuan, or 9 fen per share, from 320.5 million yuan, or 10 fen per share.

As of Aug. 15, US$1 was equivalent to 6.68 yuan.