China’s listed companies reported combined net profits in the first three quarters up by 64.18 percent from the same period last year, China Securities Journal, a newspaper run by Xinhua News Agency, reported on Wednesday.

All 1,512 listed companies on China’s Shanghai and Shenzhen stock exchanges, except China Shenhua Group, had published their earnings for the period, the paper reported.

Together they earned 562.3 billion yuan (75.29 billion U.S. dollars) in net profits. Their combined takings amounted to 5.76 trillion yuan, up 24.5 percent compared with the same period last year.

The Industrial and Commercial Bank of China, the country’s largest commercial bank, reported a net profit of 63.3 billion yuan, the highest of the 66 listed companies whose net profits surpassed one billion yuan.

China Construction Bank, the country’s second largest lender, posted a net profit of 57 billion yuan in the first three quarters.

Among the top ten profit-making companies, seven were from the banking and insurance industries. The other five were Bank of China, China Life, the Bank of Communications, Ping An Insurance and China Merchants Bank.

By Tuesday, 396 listed companies had published annual earnings prospects, with 261 companies predicting increased net profits.

The Investor Relations Department of China Shenhua, the country’s largest coal producer listed on Oct. 9, told Xinhua that as a newly listed company, Shenhua was not required to reveal the third quarter report according to the regulations of the industry watchdog.

Source:Xinhua

Copyright Fund China 2009.

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