Business / Corporate Reports

Chinese listed companies foresee fatter profits in Q3

(Xinhua) Updated: 2013-09-23 13:30

BEIJING -- About 60 percent of China's listed companies expect their profits to rise in the third quarter due to cyclical recovery and fast growth of emerging industries, the China Securities News reported Monday.

Of the 941 firms that have publicized their Q3 earnings pre-announcement, 509 said profits would increase and 48 did not expect losses.

After suffering fourth quarter losses last year, listed companies' profits rose 10.36 percent in the first quarter of 2013 and accelerated to 11.98 percent in the second quarter, the fastest quarterly growth since 2012.

Machinery equipment producers, petrochemical companies and non-ferrous metals makers reported profit gains as the steady economic recovery boosted industry demand, Hongyuan Securities said in a report.

Profits of information service providers and electronic equipment makers also made gains as they benefited from the government's master plan to boost strategically important emerging industries.

Most information service providers expect their profits to rise by at at least 40 percent. Liquid Electronic Display and integrated circuit makers also forecasted hefty profit increases.

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