Over half of 186 Shanghai or Shenzhen listed companies that have so far released annual statements reported net profit, according to a report by TX Investment Consulting. 97 firms posted an average 4.1% growth in net earnings that reached ¥33 billion in 2008. Of the 864 that have made predictions, 40% forecast a combined net profit of ¥148.7 billion, down 48% on the year before. Companies relating to the coal, construction, telecoms, banking and pharmaceuticals sectors achieved or foresaw good performance while those engaged in tourism, aviation, road haulage, insurance, securities, power generation, petrochemicals and steelmaking were largely pessimistic, the report said.
$1 = ¥6.8
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