More than 90 percent of listed companies in China reported profit gains in 2018 despite economic headwinds, with the private sector showing better-than-expected results, Shanghai Securities News reported.
As of April 29, around 3,500 listed companies on the two major stock exchanges in the Chinese mainland have released their 2018 annual performance results, and over 3,100 firms made profit gains during the period.
Combined revenues of the listed firms came in at around 45 trillion yuan (6.7 trillion U.S. dollars), rising 11 percent year on year, while profits exceeded 3.4 trillion yuan, edging up 0.05 percent.
Nearly 30 percent of the companies saw profit growth of more than 30 percent, the paper reported.
Of the profitable companies, private businesses accounted for 61 percent, a positive sign for the broader economy for the sector's key role in driving growth of employment.
Construction materials, petrochemicals, steel and coal are among the industries that nailed high profit growth, with the average profit growth in the construction sector reaching 60 percent, the paper reported.
China's economy outperformed the official 2018 goal of "around 6.5 percent" by expanding 6.6 percent last year. In the first quarter of 2019, growth came in at 6.4 percent.