CITIC Securities Q1 profit more than doubles

CITIC Securities Co<600030>, China's largest listed brokerage by market value, announced on Monday its net profit for the first quarter this year soared 101.03% to hit RMB 2.52 billion (US$36 million), or RMB 0.76 apiece, compared with RMB 1.25 billion or RMB 0.42 apiece, a year earlier.

Sales jumped 73.35% year-on-year to RMB 5.79 billion in the same period, of which commission fees contributed RMB 4.24 billion, said the Beijing-based company in a filing with the Shanghai Stock Exchange. Its acting underwriting securities rocketed to RMB 162 million by the end of March, up 215.53% from the end of 2007, due to the underwriting of China Railway Construction<601186><1186>'s Shanghai IPO during the corresponding period.

In addition, despite market volatility, CITIC Securities reaped RMB 2.08 billion from its investment in A-share market, up 192.74% from end-2007.

By the end of the quarter, its total assets climbed to RMB 219.25 billion. Whereas its market value tumbled 41%, losing the position as Asia's largest securities firm by market value to Japanese rival Nomura Holdings Inc.