China's listed companies report improved financial performance with economic restructuring

China's listed companies report improved financial performance with economic restructuring

BEIJING, April 16 (Xinhua) – Chinese listed companies posted a rapid increase in profits in 2017 as structural reform on the supply side helped them improve their competitiveness. Around half of the companies listed in the two largest exchanges in the country already reported their results last year and 72 percent recorded increases in net profits in year-on-year terms, according to the Economic Information Daily. Only 58 of the 1,700 companies that have disseminated their financial information had losses. Most of the companies in the traditional sectors, such as coal and steel, registered strong growth supported by the country’s economic restructuring and the improvement of the business environment. The income of 20 listed companies in the steel sector grew 32 percent year-on-year in 2017 and none of them had losses, at a time when China continued to reduce its excess capacity, which pushed up the prices of the products. The listed companies of the coal and non-ferrous metals sectors obtained higher profits. The Aluminum Corporation of China, the largest producer of primary aluminum in the country, had an income 24.86 percent higher and its net profit increased more than 270 percent year on year in 2017. A senior researcher at Shenwan Hongyuan Securities, Gui Haoming, said he expects that non-financial listed companies will continue to see increasing profits, although the pace may drop. In addition, companies in emerging sectors that are on the stock exchange, such as vehicles from new sources of energy and integrated circuits, recorded a good financial performance. GigaDevice Semiconductor achieved 397 million yuan (63.21 million dollars) of net profits in 2017, 125.26 percent more in year-on-year terms. In the report on the work of this year’s government, China emphasizes the development of emerging sectors to promote the country’s rise as a manufacturing power. End
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