Listed companies profit for Xiamen in H1

Xiamen's economy grew faster than the national average in the first half of 2017, thanks in part to huge profits registered by many of its listed companies.

In the first half of the year, Xiamen's GDP hit 186.14 billion yuan, an increase of 8 percent – 1.1 percent higher than the national average.

Two listed companies leading the charge for southeastern Fujian province city, are Shengtun Mining and Luyan Pharma. Together two made 300 million yuan ($45 million) in net profit in the first six months, according to their mid-year reports.

Due to the rising price of the metals Shengtun Mining specializes in and the prosperity of new energy industry, the mining company has got great increase in revenue and net profit.

Shengtun Mining made about 7.5 billion yuan in total revenue – an increase of 60.23 percent year-on-year. Its net profit has increased by 310.14 percent year-on-year to 222 million yuan.

Luyuan Pharma had a 7.17 percent increase in revenue amounting to 3.6 billion yuan. Its net profit came in at 63.5 million yuan, an increase of 16.53 percent year-on-year.

As of June 30, Luyuan has 160 outlets in Fujian, with company officials saying that they are looking to expand throughout China, purchasing three pharmaceutical distribution companies in Sichuan province recently.