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August 25, 2009

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Home » Business » Economy

Stimulus move boosts profits

A TOTAL of 1,105 companies listed on the Chinese mainland reported a combined 162 billion yuan (US$237 million) in profits in the second quarter of this year by yesterday, a jump of 31.6 percent from a quarter earlier after the country's stimulus package began to bear fruit.

Excluding nine companies that cannot be compared because they filed their reports at separate times this year and last year, 773 out of 1,096 listed companies reported quarterly increase in net income in the second quarter and 547 companies said their net profit increased annually, according to financial data provider Wind Info. Some of the companies reported both their quarterly and annual profit reports.

The quarterly gains mirrored the recovering macroeconomic figures in the second quarter when China reported a better-than-expected economic growth of 7.9 percent.

Wind Info didn't offer a yearly comparison of second-quarter profit but it said the listed firms' profit in the first half dropped 2.27 percent from a year earlier to 287.5 billion yuan. In the first quarter, profit for all the 1,624 listed firms tumbled 25.81 percent to 203.8 billion yuan.

Financial firms contributed the most to profit with a total of 164 billion yuan in the first half, accounting for 65.78 percent of all companies.

However, excluding Sinopec, the net income of the other 1,104 listed companies dropped by 10.67 percent year on year in the first six months.

Sinopec, Asia's biggest oil refiner, said on Sunday that its net income soared 332.6 percent from a year earlier to 33.19 billion yuan, thanks to a new oil pricing mechanism.




 

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