Citic Securities says H1 profits down 24%

BEIJING -- Citic Securities Co, China's largest securities brokerage by asset value, announced Friday that its net profits in the first half will fall by 24 percent amid lackluster performance by China's stock market.

Unaudited net profits in the months leading up to June were 2.25 billion yuan ($349 million), compared with 2.97 billion yuan during the same period last year, according to a report posted on the Shanghai Stock Exchange's website.

Investment income dwindled 23 percent year-on-year to 5.8 billion yuan. Earnings per share dropped by one-third to 0.2 yuan.

The company did not elaborate on the reason for the profit decline, but analysts said a sluggish A-share market this year could be to blame.

The benchmark Shanghai Composite Index started the year around 2,100 points and shot up to a peak of nearly 2,500 points before retreating back to its starting point at the end of June.