Hong Kong-listed shares in Citic Securities dropped almost 1 per cent on Thursday after the company’s profits fell by close to 60 per cent in the first half.

The stock ended trading down 0.9 per cent at HK$17.14 following the release on Wednesday evening of its H1 results by the securities arm of one of China’s largest brokerages.

Net profit plummeted 58 per cent year on year to Rmb5.24bn during the six months ended June, though a median forecast from analysts had predicted a more severe drop to Rmb4.35bn.

Revenue fell 41.6 per cent to Rmb18.16bn as flows from the company’s wealth management segment and brokerage business dropped 6.6 per cent and 46.7 per cent, respectively.

The company also reported a total of 16,708 employees at the end of June, a drop of 145 from the end of 2016.

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