Q1 results to cheer up lackluster bourses

SHANGHAI - Most publicly traded Chinese firms have so far posted encouragiing first-quarter results, indicating that the nation's economy is moving in the right direction, analysts said, predicting that this will cheer up the tepid stock market.

Shenzhen-listed Guangdong Greatoo Molds Inc, one of China's largest radial tire mold manufacturers, saw its sales jump 25 times in the first three months of 2010 from a year earlier, lifting the curtain on the quarterly results season.

Greatoo's first-quarter net profit skyrocketed 95.2 percent to 18.56 million yuan. Earnings per share (EPS) stood at 0.07 yuan, up 75 percent year-on year, according to the company's statement to the Shenzhen Stock Exchange on Thursday.