Profits decline for Chinese listed companies

The volume of net profits of Chinese listed companies dropped 12.07 percent year-on-year in the first three quarters, according to Wind Information Co., Ltd (Wind Info), an integrated information service provider. In the first nine months of the year, the country's 1,863 listed companies posted a total net profit of 308.2 billion yuan (48.93 billion U.S. dollars), Wind Info said in Monday's China Securities Journal. The companies' gross operating revenue increased 5.82 percent from a year earlier to 5.25 trillion yuan. Upstream industries, including iron and steel, cement, coal and chemical suffered the most due to sluggish demand. The storage level of these companies in the first three quarters stood at 15.39 percent, which is lower than 18.5 percent for the same period last year. This is a signal that some companies are destocking to help improve their profits, Wind Info said.