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Southwest Securities posts 208.34% surge in net profit for H1Published: 18 Aug 2009 00:50:45 PST

Aug. 18, 2009 (China Knowledge) - Newly-listed Southwest Securities Co Ltd<600369> said Tuesday that its net profit soared 208.34% year on year to RMB 431 million in the first half of this year.

Basic earnings per share ware RMB 0.23, according to the brokerage's interim report.

In the first six months, the company realized RMB 867 million in operating revenue, up 99.74% from year earlier.

Net income from fees and commissions grew about 40% to RMB 499 million, while net investment income totaled RMB 284 million, 7.3 times the amount the company booked in the same period of last year.

Southwest Securities also said that it plans to issue up to 500 million shares at a price of at least RMB 18.7 apiece to raise up to RMB 60 billion through a private placement.

The company said that the proceeds will be used to replenish its working capital and to fund expansion.