Companies release Q1 reports, most report profit
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So far, 100 domestic listed companies have released their first quarter financial results, and 91 of them reported profit, according to China Business News.
According to Wind Info, 19 firms' net profit growth in the first quarter exceeded 400 percent, while 10 reported an increase in net earnings of more than 1000 percent. GoerTek Inc. (002241.SZ), Hefei Urban Construction Development (002208.SZ), Macro Co., Ltd. (000533.SZ), Ningbo Huaxiang Electronic Co. Ltd. (002048.SZ) and Sunshine City Group Co., Ltd. (000671.SZ) forecast their net profit growth to reach 3,918 percent, 3,600 percent, 1,766 percent and 1,300 percent, respectively.
Nine companies reported or forecasted losses for the first quarter. Zhejiang Gangtai Holding, Shanghai Automation Instruction, Sichuan Gaojin Food and Nanjing Huihuang Science and Technology reported first-time losses in their financial reports. Shenzhen Properties and Resources Development, Sichuan Chengfa Aero-Science and Technology and Sinosteel Jilin Carbon also posted forecast of net profit falling by 50 percent to 100 percent.
