China’s listed firms suffer drop in profit growth in H1
Print Edition
PROFIT growth of China’s listed companies dropped from a year earlier in the first half of this year as an economic slowdown continues to weigh on business performance.
A total of 2,558 firms listed on the Shanghai and Shenzhen stock exchanges earned a combined net profit of 1.27 trillion yuan (US$207 billion) in the January-June period, up 9.47 percent year on year, the Shanghai Securities News said yesterday.
The growth rate, although better than the first quarter, was still outpaced by that of the same period in 2013, when listed companies saw profits increase over 11 percent due to a low base in the previous year.
The year-on-year profit growth dipped to 6.46 percent if financial-sector companies and China’s two oil giants, PetroChina and Sinopec, are excluded.
The combined revenue of listed companies totaled 13.7 trillion yuan, up 5.83 percent from the same period of last year.
China’s economy expanded 7.4 percent year on year in the first half with a strong second quarter, but downward pressure still looms large for the world’s second-largest economy, which also cast a shadow over business performance.
Around 14.27 percent of listed firms posted losses in the first six months, up from 13.45 percent a year earlier. Of the companies that reported profits, 1,285 earned more than last year.
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