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Banks ahead in race for profits
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The combined profit of 104 listed companies on the Chinese mainland grew at a slower pace to 10.85 billion yuan (US$1,590 million) in the first half of this year.

The companies' net income rose 37.04 percent in the period, compared with 59.45-percent growth in the same period of last year, according to China Securities Journal's data center.

"The involved companies only accounted for 7 percent of total listed firms, which can't reflect the overall situation," said Zhang Qi, an analyst of Haitong Securities Co.

"Some sectors performed well in the first half, such as bank, coal, real estate, and some pharmacy companies."

Poly Real Estate Group Co ranked No.1 with 1.03 billion yuan profit.

Among 798 listed companies which have either revealed or estimated their first-half profit, banks grabbed eight positions of the top 10 companies by profit and estimated that their net income would increase by at least 50 percent in the first half.

Sinopec, which also ranked among the top 10 companies, estimated that its profit should have decreased more than 50 percent on a yearly basis because of climbing oil prices.

Combined profit for the 798 firms rose 32.15 percent in the period to 247 billion yuan. In the first half of last year, their profit accounted for 40.98 percent of total listed firms' profit, according to the center.

Sixty-five companies estimated they may have extended a loss in the period while 36 others expected that their net income would decrease, according to the center.

(Shanghai Daily July 30, 2008)

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