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Listed companies double profits in 1st quarter

(Xinhua)
Updated: 2007-04-30 09:43

Of the 1,028 Chinese listed companies that have so far filed quarterly fiscal statements, 941 have reported average profit increases of more than 100 percent.

The combined profits of 941 companies listed on the Shanghai and Shenzhen stock exchanges registered combined net profits of 67.87 billion yuan (US$8.81 billion) in the first quarter of the year.

Business income of the 941 companies totaled 962.75 billion yuan during the period, up 26.8 percent year on year.

The average net profits of major steelmakers grew by 216.6 percent year on year while companies in the petrochemical, power and coal sectors also recorded big jumps.

China Petroleum and Chemical Corp, Henan-based Anyang Steel Co and Hebei-based Handan Steel and Iron Co registered net profit rises of more than 100 percent.