Nearly 100 listed companies in China report doubled net profit in Q1
A total of 94 listed companies in China’s A-share market have seen their net profit double in the first quarter (Q1) despite the bite of COVID-19, the China Securities Journal reported.
As of Sunday, 866 listed companies released their Q1 financial performance reports, with 344 of which registering higher profits, beating market expectations, said the newspaper, citing data from financial information provider Wind Info.
While the epidemic put a damper on industries such as entertainment, auto parts and real estate, companies in the sectors of chemical products, computer applications, medical devices and food processing mostly gained because of the increasing orders.
Some burgeoning sectors, like online education, are expected to see a boon in the long term since they were widely accepted when people were stranded at home to stem the spread of the virus.
As the epidemic is gradually contained in the country, the operation of most listed companies will be back to pre-outbreak levels, said Fu Lichun, an analyst with Northeast Securities, adding that companies related to new infrastructure and online services will have a positive outlook.