SHANGHAI/BEIJING, Oct 30 (Reuters) - China’s biggest brokerage CITIC Securities Co Ltd reported on Tuesday a 42 percent drop in third-quarter earnings on shrinking investment returns.
Net profit for July through September fell to 1.75 billion yuan ($251.44 million) from 3.00 billion yuan a year earlier, the company said in a statement to the Shanghai stock exchange.
Its investment returns dropped to 1.93 billion yuan in the third quarter, from 3.12 billion yuan in the same period a year earlier.
Brokerages are more subdued about prospects for the remainder of this year after stock market volatility prompted regulators to line-up and vouch for China’s economic health. ($1 = 6.9599 Chinese yuan renminbi) (Reporting by Engen Tham and Shu Zhang; Editing by Kim Coghill)