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Listed firms' profits fall in Q3
By Lydia Chen |
October 31, 2011, Monday
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Online Edition
Online Edition
QUARTERLY profits made by A-share listed firms fell for the first time in nearly three years from July to September, earnings reports have shown.
The profit fall came as inflation in the country surged to the highest level in 37 months during the period – but third quarter profits were still at a higher level than in the first three months.
Aggregate profits by the 2,304 firms that have released their third quarter earning reports by today added up to 479.62 billion yuan (US$75.53 billion), compared to 510.97 billion yuan in the second quarter and 477.41 billion yuan in the first quarter, according to data compiled by Shanghai Securities News today.
The last quarterly earnings shrinkage occurred in the third quarter of 2008 amid the global financial crisis.
From January to September, these listed firms saw a total income of 15.99 trillion yuan, an increase of nearly 25 percent from a year ago, while net profit jumped by an annual rate of 19 percent to 1,487 billion yuan.
In the first half of this year, net profit grew at a pace of nearly 23 percent from a year ago.
Among the firms, almost 58 percent of them said their profit growth had increased in the nine-month period, while 214 said they had suffered losses.
Sectors including non-ferrous metals, construction materials and textiles registered profit growth of more than 40 percent in the first nine months, while profit growth in transport, utilities and electronics industries fell compared with the same period last year.
China's inflation surged to 6.5 percent in July, the highest in 37 months. Gross domestic product growth in the second largest economy posted a slowing growth pace of 9.4 percent from January to September while in the third quarter alone the gross domestic product fell slightly to 9.1 percent from a year earlier.
The profit fall came as inflation in the country surged to the highest level in 37 months during the period – but third quarter profits were still at a higher level than in the first three months.
Aggregate profits by the 2,304 firms that have released their third quarter earning reports by today added up to 479.62 billion yuan (US$75.53 billion), compared to 510.97 billion yuan in the second quarter and 477.41 billion yuan in the first quarter, according to data compiled by Shanghai Securities News today.
The last quarterly earnings shrinkage occurred in the third quarter of 2008 amid the global financial crisis.
From January to September, these listed firms saw a total income of 15.99 trillion yuan, an increase of nearly 25 percent from a year ago, while net profit jumped by an annual rate of 19 percent to 1,487 billion yuan.
In the first half of this year, net profit grew at a pace of nearly 23 percent from a year ago.
Among the firms, almost 58 percent of them said their profit growth had increased in the nine-month period, while 214 said they had suffered losses.
Sectors including non-ferrous metals, construction materials and textiles registered profit growth of more than 40 percent in the first nine months, while profit growth in transport, utilities and electronics industries fell compared with the same period last year.
China's inflation surged to 6.5 percent in July, the highest in 37 months. Gross domestic product growth in the second largest economy posted a slowing growth pace of 9.4 percent from January to September while in the third quarter alone the gross domestic product fell slightly to 9.1 percent from a year earlier.
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