CITIC Securities Co, China's largest listed brokerage, posted a 19.77% drop in net profit in the first half of this year on a suspension of initial public offerings (IPOs) and a decrease in fund sales.

Net profit in the first half stood at 3.82 billion yuan ($55.9 million), dropping 940 million yuan ($138 million) from a year earlier, the company said in its interim report on Saturday.

CITIC Securities, the broking arm of China's largest financial conglomerate, saw its 2008 profit tumble 41.03% to 7.31 billion yuan ($1.1 billion), largely in line with preliminary full-year figures released on Jan 21.

Business revenue fell 17.91% to 8.95 billion yuan ($1.3 billion) in the first half, compared with 10.91 billion yuan ($1.6 billion) in the same period last year, according to the report.

The company suffered a 36.86% decline in the first half year on year in securities underwriting business due to a 10-month ban on IPOs that ended in June.

Revenue from selling funds slumped 45.63% compared with the same period last year.

Investment gains tumbled 78.03% year on year to 1.3 billion yuan (190 million) in the first half, according to the report.

CITIC shares added 0.16% to close at 32.56 yuan ($4.8) in the Shanghai Stock Exchange last Friday.

China Investment