The net profits of Western Securities for last year are reported at around 736 million yuan, a decrease of 34.52 percent year-on-year, as disclosed in its unaudited preliminary financial reports yesterday.
The total operating revenue for 2017 saw a drop of 6.94 percent to end at 3.17 billion yuan when compared to the previous year.
The slump in its net profits, according to the company, was due to the increased provision for the impairment of financial assets during the 2017 reporting period.
Having suffered from the turmoil of the stock markets last year, the brokerage commissions and investment banking business of the company have shrunk substantially while the equity transaction revenues have surged in 2017.
The total operating revenue for 2017 saw a drop of 6.94 percent to end at 3.17 billion yuan when compared to the previous year.
The slump in its net profits, according to the company, was due to the increased provision for the impairment of financial assets during the 2017 reporting period.
Having suffered from the turmoil of the stock markets last year, the brokerage commissions and investment banking business of the company have shrunk substantially while the equity transaction revenues have surged in 2017.
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