Shanghai bourse-listed firms report profits of over 1.16t yuan in Q1

BEIJING - Companies listed on the Shanghai Stock Exchange reported combined profits of 1.16 trillion yuan ($163.2 billion) in the first quarter of the year, the bourse said on Tuesday.

Their revenues reached 11.91 trillion yuan during the period.

The bourse said that among the total 1,702 companies listed on the exchange, 931 companies registered a year-on-year increase in revenues, and 903 companies logged a year-on-year rise in net profit attributable to the parent company.

Listed companies in advanced manufacturing industries such as automotive, biomedicine, mechanical equipment and electronics sectors performed well in the first quarter, according to the bourse.

The listed companies attribute performance growth to strong market demand, new products research and development, the digital and intelligent upgrading of production lines, as well as the remarkable effect of overseas market expansion.

As of May 17, more than 140 companies listed on the exchange issued some 280 announcements about the signing of important contracts and project bids, the bourse added.