Recovery doubles mainland growth
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The 264 firms listed on the Chinese mainland which first reported their half-year results posted an average 50 percent growth in net income thanks to the recovering domestic economy.
Combined profit for the companies reached 22.8 billion yuan (US$3.37 billion) in the first half of this year and their revenue grew 35.73 percent to 267.64 billion yuan, Shanghai Securities News reported yesterday, citing data by Saturday.
Among them, 244 firms were profitable in the first half, and 19 firms suffered a loss, with one company breaking even.
Earnings at 23 companies jumped more than 300 percent, with six of them growing more than tenfold because of a low base a year earlier, the report said.
Anhui Annada Titanium Industry Co, the largest manufacturer of titanium dioxide in Anhui Province, earned 13 million yuan in the period, compared with 94,042 yuan a year earlier.
Companies in the sectors of machinery equipment, biomedicine, chemicals and electronic components performed well in the period, the report said.
In the second quarter, corporate earnings grew 26.61 percent on a quarterly basis to 12.6 billion yuan, the newspaper said.
China's gross domestic product in the first half rose 11.1 percent from a year earlier to 17.28 trillion yuan.
