Most listed Chinese firms forecast profit growth in Jan-Sept

Updated: 2011-08-22 17:07


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BEIJING--A majority of listed Chinese companies have forecasted growing profits in the first three quarters of this year despite growing concerns over a global economic downturn, according to recent data.

Out of 510 listed companies that issued earnings forecasts for the first three quarters as of Sunday night, 402 firms said they will stay in the black and 312 expect profits to grow from the previous year, accounting for 78.8 percent and 61.2 percent of the total, respectively, according to Wind Information, a Shanghai-based financial data provider.

Fifty-seven listed companies predicted that they may double their earnings in the Jan-Sept period after robust performances during the first half of the year.

Some companies expect higher profits due to company restructuring, mergers and acquisitions as well as increases in sales.

Of those expecting profit increases, 74 are mechanical devices manufacturers with chemical and electronic enterprises also expecting higher profits, according to Wind Information.

China's economy is generally healthy and is not at risk for a hard landing in spite of a slowdown in growth, Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission (NDRC), said earlier this month.

As the world's second-largest economy, China expanded at 9.6 percent year-on-year in the first half of this year, with the second quarter recording a 9.5-percent rise, down from 9.7 percent in the first quarter.