China listed firms' profit growth slows in first quarter

May 05, 2014 07:46
Profit growth at listed Chinese firms has slowed in the first three months of 2014. Photo: Bloomberg

Figures released by Shanghai and Shenzhen stock exchanges show 2,524 listed Chinese firms posted a combined net profit of 601.6 billion yuan (US$97.8 billion) in the first quarter of this year, up 8.08 percent over the same period in 2013, Shanghai Securities News reported Monday.

The profit expansion, however, marked a deceleration from the 21 percent and 11 percent growth pace recorded in the third and fourth quarters of last year, it said.

The earnings growth was also weaker compared to the first three months of 2013, when the listed firms' profit rose 10.7 percent from a year earlier.

Telecommunications, power equipment, media and construction materials sectors saw more than 30 percent growth in net profits in the first quarter this year. Meanwhile, steel and non-ferrous metal industries were the worst performers, with net profits declining 88 percent and 77 percent respectively in the period.

Of the 2,524 listed firms, 472 posted losses in the first quarter, according to the report.

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