According to its interim financial report released late Monday, Southwest Securities Company brought in 282 million yuan ($44 million) in net profits and 700 million yuan in revenue during the first half of this year, down 15.72 percent and 14.26 percent year-on-year respectively.
A decline in its commission rates and fierce competition in the securities market were cited as the reasons behind the company's worsening financial performance.
Meanwhile, the net assets of Southwest Securities stood at 10.34 billion yuan as of June 30, up 4.44 percent compared with the beginning of this year, according to data released by the company.
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