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Huge surge in profit at listed firms in China

THE combined net profit of all the 1,624 listed companies on the Chinese mainland hit 203.8 billion yuan (US$30 billion) in the first quarter, a whopping 450.39-percent surge from the last quarter last year, reports from the country's two main exchanges showed yesterday.

The total net profit in the first quarter fell 25.81 percent year on year.

Of the companies, 1,186 of them reported gains, taking up 73.03 percent of the total. The number of companies suffering losses rose by nearly 200 from the same period last year to 436.

"The quarter-on-quarter profit surge showed production began to stabilize in the first three months after being hit hard by the global financial crisis in the fourth quarter last year," said Qin Xiaobin, chief analyst with Beijing-based Galaxy Securities.

Measures issued by the government to support key industries also helped the profit to rise, experts said.

Companies are still troubled with overcapacity that led to the annual decline and it is still too early to tell if the economy has bottomed out, Qin said.


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