Global EditionASIA 中文双语Français
Business
Home / Business / Finance

Chinese listed firms report rising earnings in 2017

Xinhua | Updated: 2018-03-16 15:18
Share
Share - WeChat

BEIJING - Most companies listed on China's two major stock exchanges reported sharp earnings rises in 2017 amid a stabilizing economy, with cyclical industries posting strong gains.

As of Thursday, a total of 249 firms listed on the Shanghai and Shenzhen stock exchanges published their annual reports, 204 of which saw their profits rise, accounting for 82 percent of the total, according to data compiled by information service provider Wind.

The companies reported combined net profits of 145.4 billion yuan ($23 billion) in 2017, up 52.24 percent year-on-year.

Their combined revenue amounted to 1.64 trillion yuan, up 27.38 percent year-on-year.

Cyclical industries such as steel, chemical and nonferrous metal reported strong earnings. Seven steel firms more than doubled their profits year-on-year.

SGIS Songshan, a Guangdong-based steel maker, saw its net profit surge by over 20 times. The firm attributed the increase to a cut in ineffective capacity and a jump in steel prices.

Cutting overcapacity in bloated sectors like steel and coal has been high on the government work agenda in recent years as production gluts ate into corporate profits and dragged economic growth.

China plans to cut 30 million tons of ineffective steel capacity and 150 million tons of coal capacity in 2018, according to a government work report released earlier this month.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE