Listed Chinese companies suffer first profit drop since 2008- Nikkei Asian Review

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href="https://web.archive.org/web/20160505040859/mailto:/?subject=Listed%20Chinese%20companies%20suffer%20first%20profit%20drop%20since%202008&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0AListed%20Chinese%20companies%20suffer%20first%20profit%20drop%20since%202008%0D%0Ahttp://s.nikkei.com/1SIZgYQ">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">May 3, 2016 2:53 am JST</div> <h1 class="title">Listed Chinese companies suffer first profit drop since 2008</h1> <p>YUSHO CHO, Nikkei staff writer</p> </div> <img src="/web/20160505040859im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2015/201510/1030n/1030n-baoshan/3545302-1-eng-GB/1030N-Baoshan_article_main_image.jpg" width="580" alt=""/> <p class="img-caption"> Like other Chinese steelmakers, Baosteel continues to suffer from a supply glut. </p> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>SHANGHAI -- Publicly traded companies in China saw net profit dip in 2015 for the first time since the global financial crisis hit in 2008, as a wide range of businesses from resources to home appliances struggled amid the country's economic slowdown.</p><p>The combined net profit for 2,862 listed companies fell 1.1% from 2014 to 2.47 trillion yuan ($382 billion), based on comparable data from financial information firm Shanghai DZH. Aggregate sales declined 2.1% to 29.47 trillion yuan. Publicly traded corporations in China are required to publish results within four months of their fiscal year-end in December.</p><div class="page_limit free"></div><div class="page_limit"></div><p>Excluding banks and brokerages, net profit dropped 15.7% to 922.2 billion yuan. These figures reflect factors such as retroactive changes made by companies on their earnings and do not match data compiled by government-affiliated publications in the past.</p><p>Steel and other resource-related corporations continued to struggle in 2015, burdened by excess staff and output capacity. Steel titans such as <a href="/web/20160505040859/http://asia.nikkei.com/Company/05TJGG-E" target="_self" alt="05TJGG-E" class="mwMoTrg">Baoshan Iron & Steel</a> all saw net losses or significant profit declines. Chongqing Iron & Steel ended up with a net loss of nearly 6 billion yuan. With the company's capital ratio fallen to just slightly over 10%, the Chongqing municipal government has been forced to consider rehabilitation measures.</p><p>Many companies buoyed earnings by unloading assets. Aluminum Corp. of China turned a 16.2 billion yuan net loss in 2014 into a profit last year, largely thanks to selling a subsidiary and other assets for over 5 billion yuan. There has been a slew of obscure financial arrangements, mainly among state-run enterprises. <a href="/web/20160505040859/http://asia.nikkei.com/Company/003V50-E" target="_self" alt="003V50-E" class="mwMoTrg">China Petroleum & Chemical</a> and <a href="/web/20160505040859/http://asia.nikkei.com/Company/0035C7-E" target="_self" alt="0035C7-E" class="mwMoTrg">PetroChina</a> have received nearly 10 billion yuan combined in government assistance.</p><p>Even businesses that had enjoyed steady earnings, such as those in home appliances and machinery, are feeling the weight of China's slowdown. Appliance giant Sichuan Changhong Electric fell into the red on market saturation and growing currency losses from its foreign currency-denominated debt, while <a href="/web/20160505040859/http://asia.nikkei.com/Company/05Q2XH-E" target="_self" alt="05Q2XH-E" class="mwMoTrg">TCL</a>'s net profit dropped by almost 20%. Leading construction equipment maker <a href="/web/20160505040859/http://asia.nikkei.com/Company/062HY1-E" target="_self" alt="062HY1-E" class="mwMoTrg">Sany Heavy Industry</a> saw net profit plunge more than 80%.</p><p>Beijing is raising its ratio of budget deficit to gross domestic product from the 2% range last year to 3% in 2016 to boost efforts to support the economy. Excluding the financial sector, January-March net profit gained 2.7% on the year on greater public investments and the recovery in steel and other commodities prices.</p><p>But net profit dipped 1.9% on the year when including financial companies. Many brokerages benefited from last year's stock bubble but are struggling to continue that success this year. Banks saw only a modest 2.8% gain in profit. Some say the slow but steady increase in sour loans is another sign of China's slowdown.</p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div id="05TJGG-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <span class="sub-title-a300">Asia300</span> <h3 class="mwmo-title"><a href="/web/20160505040859/http://asia.nikkei.com/Company/05TJGG-E">Baoshan Iron & Steel Co., Ltd.</a></h3> <p class="a300ctry">China</p> <table> <tr> <th>Market(Ticker):</th> <td>SHG(600019)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Non-Energy Minerals<br>Steel</td> </tr> <tr> <th>Market cap(USD):</th> <td>14,187.02M</td> </tr> <tr> <th>Shares:</th> <td>16,467.51M</td> </tr> </table> <div class="more"> <a href="/web/20160505040859/http://asia.nikkei.com/Company/05TJGG-E">about Baoshan Iron & Steel Co., Ltd.</a> </div> </div> </div> <div id="003V50-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <span class="sub-title-a300">Asia300</span> <h3 class="mwmo-title"><a href="/web/20160505040859/http://asia.nikkei.com/Company/003V50-E">China Petroleum & Chemical Corp.</a></h3> <p class="a300ctry">China</p> <table> <tr> <th>Market(Ticker):</th> <td>HKG(386)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Energy Minerals<br>Integrated Oil</td> </tr> <tr> <th>Market cap(USD):</th> <td>88,117.91M</td> </tr> <tr> <th>Shares:</th> <td>121,071.20M</td> </tr> </table> <div class="more"> <a href="/web/20160505040859/http://asia.nikkei.com/Company/003V50-E">about China Petroleum & Chemical Corp.</a> </div> </div> </div> <div id="0035C7-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <span class="sub-title-a300">Asia300</span> <h3 class="mwmo-title"><a href="/web/20160505040859/http://asia.nikkei.com/Company/0035C7-E">PetroChina Co., Ltd.</a></h3> <p class="a300ctry">China</p> <table> <tr> <th>Market(Ticker):</th> <td>HKG(857)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Energy Minerals<br>Integrated Oil</td> </tr> <tr> <th>Market cap(USD):</th> <td>200,975.35M</td> </tr> <tr> <th>Shares:</th> <td>183,020.98M</td> </tr> </table> <div class="more"> <a href="/web/20160505040859/http://asia.nikkei.com/Company/0035C7-E">about PetroChina Co., Ltd.</a> </div> </div> </div> <div id="05Q2XH-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <span class="sub-title-a300">Asia300</span> <h3 class="mwmo-title"><a href="/web/20160505040859/http://asia.nikkei.com/Company/05Q2XH-E">TCL Corp.</a></h3> <p class="a300ctry">China</p> <table> <tr> <th>Market(Ticker):</th> <td>SHE(000100)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Electronic Technology<br>Telecommunications Equipment</td> </tr> <tr> <th>Market cap(USD):</th> <td>6,707.95M</td> </tr> <tr> <th>Shares:</th> <td>12,213.68M</td> </tr> </table> <div class="more"> <a href="/web/20160505040859/http://asia.nikkei.com/Company/05Q2XH-E">about TCL Corp.</a> </div> </div> </div> <div id="062HY1-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <span 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Listed Chinese companies suffer first profit drop since 2008- Nikkei Asian Review