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Listed companies post massive profit jump for 1st quarterBy Jin Jing (China Daily)Updated: 2007-05-08 09:12 Most listed companies have posted a big jump in their net profit growth in the first quarter of 2007, greatly surpassing their performance in 2006. Among the 1,252 listed companies that reported first-quarter earnings by the end of April, about 1,075, or 86 percent, have posted profit growth. These companies' aggregated net profit increased 98.5 percent - the largest jump ever. The total revenue amounted to 1.16 trillion yuan, up 34.1 percent on 2006, according to statistics compiled by Xinmin Evening News. The profits of 100 biggest companies accounted for over 80 percent of the total profits. CITIC Securities announced a whopping 1,231-percent jump in the first-quarter net profit to 1.25 billion yuan, while Hongyuan Securities posted a 2,151-percent surge to 4.5 million yuan. China Merchants Bank reported an 87-percent increase in its net profit to 2.46 billion yuan. Steel companies performed well in the first quarter, boosted by the international surge in steel prices. Baosteel Iron and Steel, China's largest maker, posted a 156-percent jump in the first quarter to 3.68 billion yuan over 2006. Anyang Steel, which is expected to merge with Baosteel this year, announced a 722-percent surge in net profit to 200 million yuan. Baotou Steel reported a 120-percent increase in net profit to 198 million yuan. Companies in coal, non-ferrous, power and financial sectors also performed well. Investment income of listed companies vastly increased in the first quarter. Among 1,252 companies that released their first-quarter reports, around 764 reported 44.97 billion yuan investment income, showing stock and equity investment has become an increasingly important tool for companies to achieve higher profits. The 2006 annual reports are as impressive as the first-quarter reports. About 1,453 listed companies reported 2006 earnings by the end of April, among which 61 percent posted profit growth. These companies' aggregated net profits increased 46 percent to 360.15 billion yuan. Their earnings per share was 0.24 yuan on average, up 25 percent from 2005. Companies' revenue from main business considerably increased in 2006. The aggregated revenue of the 1,453 listed companies amounted to 5.7 trillion yuan, up 20.47 percent from 2005. Their total net profit rose 45.8 percent to 360.4 billion yuan. (For more biz stories, please visit Industry Updates)
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