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 figures.

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.