BEIJING, April 7 (Xinhua) -- More than half of of Chinese firms listed on the A-share market are expected to see profit expansion in the first quarter, China Securities Journal reported Tuesday.
As of Monday evening, 133 of the 249 listed companies that have posted preliminary earning results forecast their net profits attributable to parent companies to rise in the first quarter, the paper reported.
A total of 123 companies expected their net profits to increase by more than 10 percent and 49 firms estimated their net profits to double year on year.
A cyclical recovery of the industry, remarkable improvement in core business and growing profitability from outbound investment are main reasons behind profit surge of these companies, according to the paper.
In addition, 166 of the 249 listed companies released the impact of the novel coronavirus outbreak on their financial performance, with mobile game, online education and telecommuting sectors leading the gain.