BUSINESS China's listed firms post upbeat profits in H1

BUSINESS

China's listed firms post upbeat profits in H1

Xinhua

22:12, September 02, 2018

BEIJING, Sept. 2 (Xinhua) -- Nearly 70 percent of China's listed firms posted higher net profits in the first half of the year (H1) amid the country's stable economic growth.

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File photo: VCG

As of Saturday, 3,539 listed companies had disclosed their financial reports for H1, with 65.6 percent posting rising net profits, according to information service provider Wind Info.

More than 54 percent of the companies said their net profits increased more than 10 percent year on year during the period.

Some 76.7 percent of the companies reaped higher operating revenues in H1, with 57.2 percent posting a more-than-10-percent increase in operating revenues.

A breakdown of the financial reports showed the country's economic restructuring and industrial upgrading continued apace, ensuring strength for future growth.

Traditional sectors such as steel, construction materials, and non-ferrous metals were revitalized by the ongoing supply-side structural reform, with the sectors' combined net profits going up 128 percent, 92 percent, and 40 percent, respectively, according to Shenwan Hongyuan Securities.

Emerging industries such as biopharmaceutical and leisure services maintained fast expansion.

The country's economy recorded a strong growth of 6.8 percent in H1, on track to achieve the government's annual target of around 6.5 percent for 2018. 

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