Chinese listed firms' net profit rises in Q1: report

13:39, May 04, 2010      

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The net profit of China's 1,837 companies listed on the Shanghai and Shenzhen bourses hit 345.03 billion yuan (50.52 billion U.S. dollars) in the first quarter, up both year on year and quarter on quarter, the Shanghai Securities News reported Tuesday.

The companies' revenues in the period totalled 3.58 trillion yuan (524.13 billion U.S. dollars), about 44.43 percent of the GDP.

Paper-making and printing companies' net profit rose most, up 500 percent year on year.

Banks and state-run giants were also key profit makers.

Industrial and Commercial Bank of China Ltd., the nation's biggest listed lender, earned the most with a net profit of 41.55 billion yuan in the first quarter.

China Construction Bank Corp., the nation's second-largest bank, and PetroChina Co., the country's largest oil producer, followed, both earning a net profit of more than 30 billion yuan.

Experts attributed the profit growth to China's stable economic growth and the companies' increased investment income.



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