Most Chinese listed firms see profit growth in Q1

A majority of listed companies in China's A-share market saw net profit growth in the first quarter of 2019 as more indicators showed positive signs in the economy, China Securities Journal reported Tuesday.

Of the 3,605 listed firms that had disclosed their quarterly results, 2,204 reported profit growth, with 364 firms seeing profit double from the same period last year, according to the paper, which cited data from financial information provider Wind Info.

Their combined profit came in at 1.03 trillion yuan (about 152.3 billion U.S. dollars), up 10 percent year on year.

Of the 411 firms that released their performance forecasts for the first half of the year, 164 expect better results, mainly in husbandry, infrastructure, 5G and securities sectors.

The report attributed the growth to factors including improving market sentiment, companies' asset disposal and the use of new accounting standards.

China's economy beat market expectations to advance 6.4 percent year on year in Q1, remaining flat with the GDP expansion in the previous quarter.