China's Companies See Net Profit Surge over 70%

The combined profits of China's listed firms surged 70.8% in the first half of 2007 from a year earlier, state press reported Aug. 31. The listed companies posted combined net profit of 319.1 billion yuan (US$42.2 billion) on revenue of 3.6 trillion yuan. A total of 1,471 out of 1,503 listed firms listed in the country's two exchanges in Shanghai and Shenzhen had released their results.

The report said the stellar interim results were closely related to the steady growth of core businesses as well as restructuring that has included the injection of high-quality assets from major shareholders.

China's main stock market in Shanghai has surged more than 95% this year after jumping about 130% in 2006.

Copyright Agence France-Presse, 2007