Listed companies report rapid profit growth
September 11, 2017 Category China News Round-up, Weekly
Listed companies in China reported rapid profit growth in the first half of this year, as the country’s structural reform began to bear results. A total of 3,341 listed companies on the country’s two major exchanges reported combined revenue of CNY18.12 trillion, up 24.1% year-on-year, according to eastmoney.com, a financial data provider. Combined profits attributable to shareholders totaled
CNY1.67 trillion, up 21.12% year-on-year. More than 600 companies saw their profit growth double, while 362 companies saw their profits rise 50% to 100%.
The country’s four biggest commercial banks all posted faster profit growth in the first half, attributed to improved services and strengthened risk control. When excluding non-recurring items, sectors such as mining and steel were among the most profitable industries in the first half year. The mining sector, as classified by SWS Research, saw profits surge 442.92% year-on-year, while the steel sector went up 302.56%. Nanjing Iron and Steel witnessed a net profit surge of 730%, as China continues to slash excess steel capacity causing product prices to increase.
Companies in the artificial intelligence (AI) sector reported strong performance, with half of them posting a rise of over 30% in net profits attributable to equity holders. “Emerging industries such as AI are where global investors are now putting their money, as these industries will replace many existing industries in the future,” said Yang Zhonghua, Fund Manager at Fortunegate Capital Management, the China Daily reports.
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