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Listed companies' reports show big gains

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-10-27 15:59

Chinese listed companies which have so far completed their periodic reports have shown a rising trend in the first three quarters of this year, with a growth rate of 30 percent, the Shanghai Securities News reported on Monday.

As of October 26, 645 listed companies published their third quarter financial reports, about 40 percent of all companies. They collected operating revenues and net profits of 1.9 trillion yuan ($277 billion) and 282.39 billion yuan, up 25.87 percent and 30.01 percent year-on-year respectively.

However, the remaining 60 percent of companies have yet to complete their financial reports.

Among companies that have reported, 557 gained and 375 performed better than the previous year, accounting for 86.36 percent and 58.14 percent respectively of the total.

Though maintaining a year-on-year growth trend, these companies' quarter-on-quarter growth rates declined in the third quarter. The above mentioned 645 companies' quarterly net profits amounted to 96.77 billion yuan, 101.26 billion yuan and 84.35 billion yuan respectively in the first three quarters this year. Their third quarter net profits declined 16.7 percent from the previous quarter as a result of jumping raw material prices and falling operational revenues.

Banks realized rapid growth in the first three quarters profiting from interests, procedure fees and commissions. Industrial and Commercial Bank of China Ltd (ICBC), contributed 92.73 billion yuan net profits to its parent company in the first three quarters, up 46.48 percent year on year. China Construction Bank (CCB) gained net profits of 84.27 billion yuan in the first three quarters, up 47.58 percent year-on-year and contributed 84.23 billion yuan net profits to its parent company, up 47.71 percent year on year.

Affected by rising product prices, adjusted product structures and powerful cost control manners, Angang Steel Co's net profits totaled 8.25 billion yuan in the first three quarters, up 25.67 percent year on year.

China Coal Energy Co Ltd, a leading company in the coal industry, claimed net profits of 5.74 billion yuan in the January-September period.