Chinese listed companies announce robust Q3 preliminary results

BEIJING -- Most listed companies reported increases in their operating revenue for the first three quarters as the Chinese economy firms up.

Of 1,211 mainland-listed companies that had announced Q3 earnings forecasts as of Monday, 906 predicted higher profits than the same period of last year, more than 77 percent of the total.

Among them, 181 firms forecast year-on-year net profit growth of more than 100 percent, and 14 announced net profit growth of over 1,000 percent.

The increased earnings came as industries continued to see recovering demand and rising prices.

Shenzhen Properties and Resources Development (Group) Ltd predicted a net profit growth of 8,114 percent for the first three quarters of the year, the biggest increase among all companies that have announced Q3 earnings forecasts.

The company said the forecast was based on its property sales during the period.

Xinjiang Tianshan Cement Co Ltd forecast a net profit growth of 6,139 percent for the first nine months, thanks to rising sales and higher prices year on year, according to the company.

Mergers and restructuring also accounted for the profit growth of some listed companies.

Chinese listed companies reported brisk profit growth in 2016, as they ramped up spending on research and development, with emerging sectors outperforming traditional industries.

The country posted GDP growth of 6.9 percent in Q2, flat with the previous quarter and above the government's annual growth target of around 6.5 percent.