CHINA China sees lowest number of losses for Fortune 500 firms in 7 years

CHINA

China sees lowest number of losses for Fortune 500 firms in 7 years

By Dong Feng | People's Daily app

14:42, July 11, 2018

Only ten from the list of Fortune 500 companies in 2018 failed to make a profit, the lowest in seven years, domestic website fortunechina.com reported on Tuesday. 

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Photos: VCG

Sinopec Petroleum Engineering Technology Services Co reported a loss of nearly 10.6 billion yuan ($1.59 billion), ranking first in the loss list. 

But China’s e-commerce platform JD.com reported a profit for the first time after losses for many years, the report said. 

State-owned energy giant China Petroleum and Chemical Co, top domestic oil and gas producer PetroChina and Chinese construction giant China State Construction Engineering Corp topped the list. Compared to 2017, 47 companies made their debut or were re-enlisted.

In 2018, the annual revenue of listed companies was 13.86 billion yuan, up 22.44 percent year-on-year. 

Internet companies in the Fortune 500 list in China has an aggregate revenue increase of 48 percent, with a total growth in net profit of 67.6 percent year-on-year. 

Tencent and Alibaba ranked 33rd and 37th, respectively, with annual revenue of 237.7 billion yuan and 226.9 billion yuan, respectively, a slight increase from last year. With profits of 71.5 billion and 67 billion yuan, both are ranked among the ten most profitable companies. 

Internet companies have also generated revenue from artificial intelligence, new retail and fintech. 

Baidu's video service unit iQiyi was listed for the first time with more than 17.3 billion yuan in revenue in 2017. 

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The revenue of logistics enterprises is closely linked to the rapid growth of e-commerce in the past ten years. The distribution of the goods circulation network in China is fast increasing, and logistics networking is becoming more mainstream. More logistics services are needed, and the third-party logistics market is steadily booming. 

Besides the financial sector, in which many listed Chinese companies are involved, companies in such sectors as petrochemical natural gas and infrastructure construction also showed up on the list.

Profits of China's big four banks in 2017 exceeded 1.5 trillion yuan, maintaining their profitability. The top 10 most profitable companies accounted for nearly 40 percent of Fortune 500 overall profits.

55 real estate companies also made the list in 2018, with total revenue continuing to grow.

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