Chinese listed firms double profits in 2007
Updated: 2008-03-10 16:24
More than 300 of the 1,543 Chinese listed companies on the two bourses have filed the 2007 annual reports, with their total profits nearly doubled as compared with that of 2006.
The 324 companies listed on the Shanghai and Shenzhen stock exchanges registered combined net profits of 89.78 billion yuan (12.63 billion US dollars) in 2007, an increase of 99.21 percent over 2006.
Meanwhile, business income of the 324 companies totalled 865.32 billion yuan, up 39.37 percent year on year.
Among the firms that filed the annual reports on Monday, the Offshore Oil Engineering Co, China's only general contracting company of offshore oil and gas projects, reported a 45.5 percent jump in its net profits.
The China Railway No. 2 Engineering Group registered a nearly six-fold profit rise last year, with the net profits topping 379.92 million yuan.
The company attributed the surge to hefty profits in real estate and logistics businesses, as well as the adoption of the new accounting standards, which cut 2006 net profit data.
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