Statistics

Chinese listed firms' net profit up in Q1

(Xinhua)
Updated: 2010-05-04 14:01

The net profit of China's 1,837 companies listed on the Shanghai and Shenzhen bourses hit 345.03 billion yuan ($50.52 billion) 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 totaled 3.58 trillion yuan, about 44.43 percent of the GDP.

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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.