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By Lin Ling (China Daily)
Updated: 2007-01-23 09:03

More than 70 percent of listed companies reporting earnings posted profit growth in 2006, underlining the stock market boom that sent the index up 130 percent in the past 12 months.

By January 19 a total of 462 listed companies on the Shanghai and Shenzhen Stock Exchange announced estimated annual profits. Of those 340 recorded higher profits or recovery from losses the year previous.

Combined net profit of all listed companies is expected to surpass 400 billion yuan (US$51 billion), up 40 percent from 2005, according to Shanghai Securities News, an official publication of the Shanghai Stock Exchange.

Company reports indicate an improvement of the investment climate and stronger company management skills are two major contributors to profit growth.

On the Shanghai bourse, Fosun Pharmaceutical, a leading listed pharmaceutical company, posted a more than 50 percent increase in 2006 net profit.

Harbin High-tech Group, a provider of high-tech products and technical consultation, said its estimated net profit will rise over 80 percent due mainly to efficient management.

Earlier, Jiangnan High Polymer Fiber Co Ltd, the first listed company to release its annual report, announced a 53 percent jump in 2006 net profit to 52 million yuan. Pre-tax profit amounted to 81 million yuan, up 68 percent from 2005. The company said new production technology was the main contributor to company's core revenue increase, which rose 19 percent to 602 million yuan in 2006.

On the Shenzhen bourse, Taigang Stainless Steel reported a surge of more than 200 percent in 2006 net profit. Higher selling prices and the well-performing stainless steel sector are key factors for the profit growth, the company said.

Another metals company, Yunnan Aluminum, said that its estimated increase in net profit of more than 100 percent was due to dropping costs of raw materials and management efficiency.

Investment income from the stock market was also a new major contributor to some listed companies. There was a total of 344 listed companies holding listed stocks from other companies, amounting to 156 billion shares in early 2007, according to China Securities News, another stock exchange official publication.

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