NEARLY 100 companies listed on the Shanghai and Shenzhen stock exchanges said that they expected their net profit to double in the first three quarters of 2019, China Securities Journal reported.

As of Friday last week, 493 listed firms issued their interim result forecasts, 231 of which expected higher profits, said the newspaper, citing data from financial information provider Wind Info.

Firms in 5G tech sectors and the poultry industrial chain gained most, and industry prosperity is expected to continue.

“Industries like electronic equipment manufacturing, biomedicine, and food and beverage are expecting strong performance,” Yang Delong, chief economist of Shenzhen-based First Seafront Fund was quoted by the newspaper as saying.

The improvement in corporate profits came amid solid economic expansion and upgraded consumption when the Chinese economy maintained its resilience of the first half with 6.3 percent year-on-year growth.

Five companies expected growth of more than 1,000 percent, said the newspaper, mainly benefiting from main business expansion, cost reduction and government financial support. (Xinhua)