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Mainland firms' H1 profit, revenue growth decline
By Lydia Chen |
August 31, 2011, Wednesday
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Online Edition
Online Edition
CHINESE mainland-listed firms have seen both their revenues and net profits grow at a much slower annual pace during the first half of this year, according to data compiled by Securities Times.
A total of 2,209 firms listed on mainland markets have released their half-year earnings reports by yesterday, stating that they have made a combined revenue of more than 9.33 trillion yuan (US$1.46 trillion) over the period, up 26 percent from same period last year, while net profit climbed 22 percent to 965.4 billion yuan, the newspaper said.
These figures were far below a nearly 45 percent annual rise in revenue and net profit from January to June last year.
Revenue and net profit both enjoyed a jump of more than 30 percent over 2010.
But big caps, such as banks, oil and coal producers continued to make big money in the first half of this year thanks to their market dominance.
The top 30 net profit earners among these 2,209 firms, including China's big-four banks and oil giants such as PetroChina and Sinopec, had a combined net profit of 652.12 billion yuan, taking up nearly 68 percent of the overall net profit amount, according to the data.
Negative impacts brought by China's monetary tightening mainly hit companies listed on the small and medium-sized board and the start-up ChiNext board, which are supposed to have higher growth rate than their counterparts on the two main boards in Shanghai and Shenzhen.
A total of 1,284 firms listed on the main boards said by yesterday that their net profit had hiked 24 percent to a total of more than 863.6 billion yuan in the six months, higher than 23 percent rise posted by firms on ChiNext and 18 percent on the SME board.
Xi'an Tourism Co was the best performer in terms of growth with net profit rocketing more than 1,102 times from a year earlier to 18.81 million yuan in the six months, followed by Shanghai Xingmei Real Estate Co's over 966 times growth to 59.61 million yuan and 816 times growth by Hengyi Petrochemical Co to nearly 1.14 billion yuan by the of June this year.
Meanwhile, by the end of yesterday, a total of 739 listed firms have revealed their earnings forecasts for the third quarter. More than 60 percent of them, or 445 firms, said they expected net profit to grow in the next three months with 66 of them saying net profit will at least double.
A total of 2,209 firms listed on mainland markets have released their half-year earnings reports by yesterday, stating that they have made a combined revenue of more than 9.33 trillion yuan (US$1.46 trillion) over the period, up 26 percent from same period last year, while net profit climbed 22 percent to 965.4 billion yuan, the newspaper said.
These figures were far below a nearly 45 percent annual rise in revenue and net profit from January to June last year.
Revenue and net profit both enjoyed a jump of more than 30 percent over 2010.
But big caps, such as banks, oil and coal producers continued to make big money in the first half of this year thanks to their market dominance.
The top 30 net profit earners among these 2,209 firms, including China's big-four banks and oil giants such as PetroChina and Sinopec, had a combined net profit of 652.12 billion yuan, taking up nearly 68 percent of the overall net profit amount, according to the data.
Negative impacts brought by China's monetary tightening mainly hit companies listed on the small and medium-sized board and the start-up ChiNext board, which are supposed to have higher growth rate than their counterparts on the two main boards in Shanghai and Shenzhen.
A total of 1,284 firms listed on the main boards said by yesterday that their net profit had hiked 24 percent to a total of more than 863.6 billion yuan in the six months, higher than 23 percent rise posted by firms on ChiNext and 18 percent on the SME board.
Xi'an Tourism Co was the best performer in terms of growth with net profit rocketing more than 1,102 times from a year earlier to 18.81 million yuan in the six months, followed by Shanghai Xingmei Real Estate Co's over 966 times growth to 59.61 million yuan and 816 times growth by Hengyi Petrochemical Co to nearly 1.14 billion yuan by the of June this year.
Meanwhile, by the end of yesterday, a total of 739 listed firms have revealed their earnings forecasts for the third quarter. More than 60 percent of them, or 445 firms, said they expected net profit to grow in the next three months with 66 of them saying net profit will at least double.
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