Workers are seen on a production line at a factory in China. Companies expecting higher profits for the first half of 2017 include in electric machinery and equipment manufacturing industries. (Provided to China Daily)
BEIJING - A majority of listed firms have forecast higher net profits for the first half of 2017 compared to a year earlier as the Chinese economy showed signs of stabilization.
Those expecting higher profits were mainly in the computer, telecommunications, electronics, chemicals, electric machinery, equipment manufacturing and pharmaceutical industries
Of 1,127 listed firms in Shanghai and Shenzhen that had released H1 forecasts as of Thursday, 74 percent predicted a year-on-year increase of net profits, according to data from Wind Info, a Shanghai-based financial information provider.
Among them, 144 companies forecast a profit surge of over 100 percent.
Those expecting higher profits were mainly in the computer, telecommunications, electronics, chemicals, electric machinery, equipment manufacturing and pharmaceutical industries.
Only 21 percent of the 1,127 firms expected losses or lower net profits, while the remaining 5 percent were uncertain about their H1 results, according to the data.
Most of the 1,127 companies were small- and medium-sized ones. There were altogether 3,249 listed firms in Shanghai and Shenzhen as of Thursday.
The positive profit forecasts came amid signs of firming for the Chinese economy.
China's GDP growth stood at 6.9 percent in the first quarter, up from 6.8 percent in the previous quarter, supported by robust factory activity, strong consumption and rebounding exports.