China's Western Securities net profits down 73% in 2018

SHENZHEN - Western Securities Co Ltd Monday announced that its net profits fell 73.4 percent year-on-year in 2018 amid a sustained stock market gloom.

The net profits attributable to its shareholders totalled 200 million yuan ($30 million), the Xi'an-based securities broker said in its preliminary financial results for 2018 filed to the Shenzhen Stock Exchange.

Its revenues fell 29.4 percent year-on-year to 2.24 billion yuan, it said.

China's benchmark Shanghai Composite Index fell 24.6 percent to 2,493.9 points in 2018. It, however, has made a strong rebound so far this year, rallying to exceed 2880 points Monday morning.

Shares of Western Securities once rose over 8 percent in the morning trade on Monday in Shenzhen.