China listed firms surge 99.21% in 2007 profits

Among the 1,543 Chinese listed companies on the Shanghai and Shenzhen stock exchanges, 324 companies witnessed their 2007 total profits nearly doubled year-on-year, surging 99.21% to hit RMB 89.78 billion (US$12.63 billion), according to their annual reports.

The business income of the 324 companies surged 39.37% to RMB 865.32 billion over the previous year.

Offshore Oil Engineering Co.<600583> witnessed its net profits up 45.5% last year. The company is the only general contracting company of offshore oil and gas projects in China.

Meanwhile, China Railway No.2 Engineering Group gained RMB 379.92 million in net profits last year, driven by the big profits in real estate and logistics business, as well as the adoption of the new accounting standards, which cut 2006 net profit data, according to the company.