Companies estimating 23% drop in profit

By Winny Wang | January 17, 2009, Saturday |

Print Edition

THE net income last year of 615 companies listed on the Chinese mainland is estimated to show a drop of 23.08 percent to 69.82 billion yuan (US$10.2 billion).

Of them, 141 companies have estimated losses in their preliminary earning reports and 156 companies predicted a decline in profit, according to figures compiled by TX Investment Consulting Co.

The 615 companies account for about 40 percent of the 1,604 stocks listed on the Shanghai and Shenzhen stock exchanges.

The most profitable companies were in the construction, public transport and storage, coal, shipping, software and service sectors, TX said.

China's benchmark CSI300 Index tumbled nearly 70 percent last year to make the country become the world's worst-performing major stock market of the year. Only 34 stocks edged up last year.

Economy

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Companies estimating 23% drop in profit

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