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Listed companies report huge profit rises

(Xinhua)
Updated: 2007-04-05 14:49

Just over half of China's listed companies have filed 2006 annual reports, but their total profits are almost equal to the reported profits of all the listed companies for 2005.

The 733 companies registered combined net profits of 235.7 billion yuan (US$29.5 billion) in 2006, while all 1,400 enterprises listed on the Shanghai and Shenzhen stock markets reported 246.8 billion yuan in 2005, according to WIND, a provider of Chinese financial data.

The combined figure to date equals 95 percent of the total profits reported for 2005.

Companies in the nonferrous metals sector saw combined profits jump 149 percent. The textile sector and the food and beverage sector both saw profits leap 95 percent.

The light industry manufacturing sector saw profits rise by 73 percent and trade profits were up 66 percent. The real estate industry reported combined net profits up by 46.67 percent.

After plunging 8.8 percent on February 27, the Shanghai stock market has since rebounded and the benchmark Shanghai Composite Index reached 3,291.54 points on Wednesday, up 0.24 points.