CFOs less optimistic over performance: BofA
Print Edition
CHIEF financial officers in China are less optimistic about performance this year compared with last year because of currency volatility and a moderate easing in the country’s economy, a private report showed yesterday.
In the annual survey of CFOs in Asia-Pacific by Bank of America Merrill Lynch, 77 percent of China’s mainland-based respondents said they expect revenue to rise this year, down from 79 percent in 2013.
“While China CFOs remain fairly optimistic within the current business environment, sentiment has clearly moderated with expectations of revenue, and particularly profits, shifting downward,” Huang Xiaoguang, president of BofA for China’s mainland, said in Shanghai yesterday.
“Echoing our conversations with clients, CFOs in China are taking a more realistic view on expected growth in 2014,” he added.
The results were based on interviews with more than 75 multinational and domestic companies from industries of pharmaceuticals, real estate, metals and mining, telecommunications, and oil and gas on the mainland.
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