BEIJING — Most Chinese listed companies that have released their advance financial reports predicted improving profitability for the first quarter of the year amid stable economic growth.
As of March 1, 93 listed firms had released their first-quarter advance financial reports, with 87, or more than 90 percent of them, expecting rising net profits or to turn losses into gains, according to Wind, a leading information service provider.
More than 30 companies expected their first-quarter net profits to more than double from one year earlier, with Wuhan DDMC Culture Co leading the profit growth.
Wuhan DDMC Culture Co projected its net profits would total up to 80 million yuan (about $12.6 million) in the first quarter, more than 300 times as much as one year earlier.
The company said the profit surge was boosted by the World Cup sponsorship as Desports, its subsidiary, has won the rights to become an Asian sponsor of the 2018 FIFA World Cup.
The country’s economy expanded 6.9 percent year-on-year in 2017, picking up for the first time in seven years and well above the government target of around 6.5 percent. The government is expected to release its first-quarter GDP growth rate on April 17.