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1,003 listed firms' net drops 43% in 2008

By Xu Shenglan (chinadaily.com.cn)
Updated: 2009-02-25 15:53

The aggregate profit of 1,003 mainland-listed firms that had announced their 2008 earnings or made profit forecasts plunged 43.56 percent from 2007, according to Tianxiang Investment Consulting Co.

Related readings:  Listed firms see revenue erosion  More firms set to issue bleak data  Listed China firms to see 20% rise in 2008 profit  Listed firms ordered to submit green data

The 83 companies that have released their annual reports posted a combined net profit of 13.8 billion yuan ($2.02 billion) for 2008, up 14.23 percent from a year before, compared with a growth rate of 161 percent in 2007.

The profit estimates of the other 920 firms totaled 159.8 billion yuan for 2008, down 45.96 percent from 2007.

The combined profits of the 1,003 companies account for about 32.15 percent of that of all listed companies.

In 2007, the total profits of nine biggest blue chip companies by market capitalization, including PetroChina, Industrial and Commercial Bank of China, Bank of China, Sinopec and China Life constituted 65 percent of the combined profits of all A-share companies.