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70% listed companies report Q2 profit increase

(chinadaily.com.cn)
Updated: 2009-08-31 16:07

Total net profits of listed companies on Chinese stock markets increased by 37.36 percent in the second quarter of this year, and about 70 percent of the listed firms reported net profit increases compared with the previous quarter, the China Securities Journal reported today.

Nine hundred and ten listed firms reported a quarter-on-quarter increase of the gross profit rate, accounting for 59.9 percent of the total.

According to statistics, the total performance of listed companies decreased by 14.76 percent compared with the same period last year, better than expectations. As profitability increased, their performance gradually bottomed out.

Over 1,600 companies made a total net profit of 279.34 billion yuan ($40.89 billion), up 37.36 percent quarter-on-quarter. Among the 1,637 listed firms, 1,145 reported an increased business performance, accounting for 70.24 percent.

Forty-two companies reported a quarter-on-quarter net profit increase for three continuous quarters since last year’s fourth quarter, and a year-on-year increase in the first two quarters of this year.

The Industrial and Commercial Bank of China reported a net profit of 66.31 billion yuan, ranking first, followed by China Construction bank with 55.81 billion yuan. PetroChina, Sinopec, Bank of Communications, Minsheng Bank, Ping An Insurance (Group) and CITIC Securities all reported a net profit exceeding 3.5 billion yuan.