CITIC Securities net profit plummets 66% in 2012

BEIJING - Net profit at CITIC Securities, China's biggest brokerage, is forecasted to have plummeted 66.17 percent to 4.26 billion yuan ($675.40 million) in 2012 from the previous year.

Its revenues stood at 11.70 billion yuan in 2012, down 53.28 percent year on year and earnings per share was 0.39 yuan, according to its unaudited report filed with the Shanghai Stock Exchange on Wednesday night.

The firm attributed its weak performance to the fact that China Asset Management Co Ltd (ChinaAMC) is no longer on its financial books.

In December 2011, CITIC Securities sold a 51-percent stake in ChinaAMC.

On comparable basis, CITIC is running well, the report said.

Its shares edged up 0.07 percent to 13.86 yuan on Thursday.