A total of 381 Chinese listed companies had filed their quarterly reports
by April 23, posting an 85-percent rise in profits for the first three months.
The 381 companies listed on the Shanghai and Shenzhen stock exchanges
registered combined net profits of 32.18 billion yuan (4.16 billion U.S.
dollars) in the first three months.
Net profits surged more than 50 percent for 114 companies, 76 of which saw
their net profits more than double, while 93 companies reported declining
Companies in the petrochemical, steel, power and coal sectors recorded huge
rises in net profits, with China Petroleum and Chemical Corp., Henan-based
Anyang Steel Co. and Hebei-based Handan Steel and Iron Co. registering rises of
more than 100 percent.
Profits soared because of huge increases in takings of major businesses and
tighter controls over operation and management costs in these companies, the
China Securities Journal quoted an unnamed researcher with Shenyin Wanguo
Securities as saying.