Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Listed companies see profit growth slow dramatically in 1H
Adjust font size:

Listed companies' profits grew less than half as fast in the first half of 2008 as they did a year earlier, the Shanghai Securities News reported on Tuesday.

The newspaper said as of Monday, 1,178 listed companies, or 72.8 percent of the total, had released interim statements.

These reports showed they earned 323.14 billion yuan (US$47.2 billion) in all, up 30.9 percent year-on-year. The year-earlier growth rate was 70 percent.

Revenue grew 28.4 percent to 3.13 trillion yuan, but operating cashflow contracted sharply, falling 60 percent to 412.92 billion yuan.

The newspaper said profits were affected by an economic slowdown and a weak domestic stock market, while last year's results were boosted by a bullish equity market. The stock market has declined by more than half since it peaked last fall.

Gross domestic product growth was 10.4 percent in the first half, 1.8 percentage points lower than the same period last year, amid slowing world economic activity and domestic policies intended to cool China's economy.

Although more than 20 percent of listed companies have yet to release half-year results, analysts said overall corporate profit growth would likely come in between 20 percent and 30 percent.

(Xinhua News Agency August 26, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- China Netcom's net profit rises almost 12% in 1H
- China coal producer: Earnings soar in 1H
- Adidas sales surge in 1H
- Sinopec 1H net profit drops 73.4%
- CPIC reports 44.2% net profit increase in 1H
Most Viewed >>
- CREA denies housing boost report
- Auto China 2008 staged in Beijing
- China's ICBC world's most profitable bank
- Sinopec 1H net profit drops 73.4%
- China prefers a two-way fluctuation in yuan appreciation
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?