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China's listed companies post profits, earnings growth slows

(Xinhua)
Updated: 2008-10-28 10:43

Third-quarter net profits of 645 Chinese listed firms fell by an average 16.07 percent from the previous quarter, although profits for the first nine months were up 30.1 percent from the same period last year, the Shanghai Securities Journal reported on Monday.

The report cited rising costs and falling products prices as the main factors for the decline in a survey of the quarterly reports filed by 645 of China's 1,625 listed companies as of Sunday.

Net profits of the companies totaled 282.4 billion yuan ($41.2 billion) from January to September, while operating revenue exceeded 1.9 trillion yuan, up 25.87 percent from the same period last year.

Of the companies, 557 saw net profits up and 375 said the increases exceeded those of the same period last year.

Banks performed well because of increasing interest, fees and commissions incomes.

The Industrial and Commercial Bank of China, the country's largest lender, reported net profits at 92.7 billion yuan from January to September, up 46.03 percent. Its quarterly profits climbed to 28.2 billion yuan, up 25.5 percent from the same period last year.

China Construction Bank's net profits grew 47.58 percent to 84.27 billion yuan in the first nine months. Its third-quarter net profits rose 11.95 percent to 25.6 billion yuan.

China National Coal Group, the country's leading coal producer posted a 35.2-percent jump to 5.74 billion yuan in the first nine months.

Total net profits showed a decline over the three quarters at 96.78 billion yuan, 101.26 billion yuan and 84.35 billion yuan respectively.

The second-quarter net profits grew by a thin margin of 4.46 percent from the first quarter. Third-quarter net profits fell 16.07 percent.

Among the rising costs cited, electric power enterprises suffered from coal price hikes.

The third-quarter net profit of Chongqing Jiulong Electric Power Co Ltd plunged 244.94 percent from the same period last year on surging fuel prices and a reduction in generating hours. It lost 24.94 million yuan in the third quarter.

Datang International Power Generation Co Ltd recorded a 100.52 percent fall in its third-quarter profit, with losses of 430 million yuan from July to September.