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Mainland-listed firms report a drop in gross Q3 profit
By Richard Fu |
October 31, 2012, Wednesday
|
Online Edition
Online Edition
THE 2,493 companies listed on Shanghai and Shenzhen bourses posted a gross net profit of 1.5 trillion yuan (US$240 billion) in the first three quarters, down 2.07 percent year-on-year, according to the China Securities Journal.
Banks made up more than half of the total earnings with the 16 listed lenders raking in 812.8 billion yuan in total profit, up 17 percent from a year earlier, the paper said, citing its own data.
Other outperforming sectors include food and beverage, which saw their combined net profit jump 48.9 percent to 40.54 billion yuan.
The ferrous metals sector was the worst performer with a net loss of 3.14 billion yuan, led by the steel industry which is struggling with overcapacity and weakening demand.
On the company level, the top loser was China COSCO Holdings Co, the nation's biggest shipping company, which posted a 6.4 billion yuan loss in the first three quarters. It was followed by Aluminum Corp of China Ltd with a loss of 4.3 billion yuan and Angang Steel Co with a deficit of 3.2 billion yuan.
All companies listed in Shanghai and Shenzhen are required to publish third-quarter results as of today.
Banks made up more than half of the total earnings with the 16 listed lenders raking in 812.8 billion yuan in total profit, up 17 percent from a year earlier, the paper said, citing its own data.
Other outperforming sectors include food and beverage, which saw their combined net profit jump 48.9 percent to 40.54 billion yuan.
The ferrous metals sector was the worst performer with a net loss of 3.14 billion yuan, led by the steel industry which is struggling with overcapacity and weakening demand.
On the company level, the top loser was China COSCO Holdings Co, the nation's biggest shipping company, which posted a 6.4 billion yuan loss in the first three quarters. It was followed by Aluminum Corp of China Ltd with a loss of 4.3 billion yuan and Angang Steel Co with a deficit of 3.2 billion yuan.
All companies listed in Shanghai and Shenzhen are required to publish third-quarter results as of today.
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