Profit falls by smaller margin
By Winny Wang |
November 3, 2009, Tuesday
|
Print Edition
Print Edition
THE fall in net profit of companies listed on the Chinese mainland showed an improvement in the first three quarters of this year following a stronger recovery in the economy.
Net income of 1,681 listed firms dropped only 2 percent from a year earlier to 783 billion yuan (US$114.64 billion) through September, against a 15 percent decline in the first half, according to the Shanghai and Shenzhen stock exchanges.
Ten major firms from the banking, energy and insurance sectors contributed 471 billion yuan to the combined profit of all listed firms, accounting for 60.14 percent.
The Industrial and Commercial Bank of China had 99.91 billion yuan in profit, followed by China Construction Bank, PetroChina, the Bank of China and Sinopec.
The steel and cement sectors also grew rapidly in the nine-month period, boosted by the country's 4 trillion yuan stimulus measures that fueled construction of railways, roads and infrastructure.
Revenue for the listed firms totaled 8.1 trillion yuan through September, a drop of 6 percent from a year earlier. The revenue decline outperformed the profit fall, indicating listed firms had lower costs in the period.
In the third quarter, profit for listed firms rose 26 percent from a year earlier to 288.82 billion yuan, with 62 percent of them posting an annual growth in net income.
"We raised the estimation for the whole year profit growth to 22.5 percent in anticipation that fourth-quarter profit will grow significantly with the improved macro economy and last year's low base," said China Merchants Securities in a report.
China's economy grew 8.9 percent in the third quarter, after a 7.9 percent rise in the second quarter and a 6.1 percent gain in the first quarter.
Net income of 1,681 listed firms dropped only 2 percent from a year earlier to 783 billion yuan (US$114.64 billion) through September, against a 15 percent decline in the first half, according to the Shanghai and Shenzhen stock exchanges.
Ten major firms from the banking, energy and insurance sectors contributed 471 billion yuan to the combined profit of all listed firms, accounting for 60.14 percent.
The Industrial and Commercial Bank of China had 99.91 billion yuan in profit, followed by China Construction Bank, PetroChina, the Bank of China and Sinopec.
The steel and cement sectors also grew rapidly in the nine-month period, boosted by the country's 4 trillion yuan stimulus measures that fueled construction of railways, roads and infrastructure.
Revenue for the listed firms totaled 8.1 trillion yuan through September, a drop of 6 percent from a year earlier. The revenue decline outperformed the profit fall, indicating listed firms had lower costs in the period.
In the third quarter, profit for listed firms rose 26 percent from a year earlier to 288.82 billion yuan, with 62 percent of them posting an annual growth in net income.
"We raised the estimation for the whole year profit growth to 22.5 percent in anticipation that fourth-quarter profit will grow significantly with the improved macro economy and last year's low base," said China Merchants Securities in a report.
China's economy grew 8.9 percent in the third quarter, after a 7.9 percent rise in the second quarter and a 6.1 percent gain in the first quarter.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
