Nov 9 (Reuters) - Corporate China is set to clock its best quarter in four years, according to results from two-thirds of the country’s listed firms with a market capitalisation of at least $500 million.
A Thomson Reuters analysis of results from 2,048 companies shows profits over July to September jumped 23 percent on an average from a year ago, the highest growth rate since end-2013.
The results for corporate China were better than market estimates, beating by about 14 percent the mean of forecasts from brokers polled by Thomson Reuters.
Profit aggregate for the firms used in the analysis rose to 780 billion yuan ($118 billion) in the quarter, the highest in at least 5 years.
Profits in energy, metals and telecommunication services sectors more than doubled in the quarter from a year ago. Profits for financials, which contribute the most to the total, grew at a high-single-digit pace. The only sector to post a decline was utilities.
Thirteen percent of the companies - including blue chips Air China Ltd, Baoshan Iron & Steel Co Ltd, Gree Electric Appliances Inc of Zhuhai and Kweichow Moutai Co Ltd - posted their highest quarterly profits in at least five years. ($1 = 6.6287 Chinese yuan renminbi)
Reporting by Gaurav S Dogra; Editing by Himani Sarkar