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Losses point to inflated financial data

(Global Times)

08:17, May 02, 2012

Nearly 40 percent of the companies listed in China since 2011 saw decreases in net profits for the first quarter, a fact which analysts are blaming on intentionally inflated profits and revenues.

343 of the 346 companies listed on the Chinese mainland stock market from the beginning of 2011 to the end of April, 2012, have reported their financial results for the first three months of this year, however only 215 of these firms registered profit increases. About 37.3 percent of them, or 128 companies reported profit drops, while 40 companies saw their net profits fall by more than 50 percent.

While all of these companies gave explanations for their losses, analysts believe many had inflated their profits when applying for an initial public offering.

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