18 JULY 2013www.thestandard.com.hk
COSCO, Aluminum Corp lead losses among giants
Edited by : AL CIRCLE
2 min read
Losses at China COSCO Holdings (1919) and Aluminum Corporation of China (2600) were the worst of the lot for the nation's 500 largest companies last year.
The website of Fortune magazine's China edition yesterday released its latest list yesterday, ranking the 500 mainland firms according to revenue, which had to be at least 7.25 billion yuan (HK$9.06 billion).
Of the 500, 46 turned in a net loss - double the number of companies in 2011.
The news happened on the same day China COSCO announced that its chairman Wei Jiafu is retiring with immediate effect. The shipping giant has booked losses for the past three years in a row.
Sinopec (0386) and PetroChina (0857) topped the scales in revenue terms.
China State Construction Engineering replaced China Mobile (0941) in the third spot on the revenue rankings, pushing the telco one place down, while ICBC (1398) was ranked fifth.
However, in terms of net profit, the list was dominated by the nation's four largest state-owned banks - ICBC, China Construction Bank (0939), Agricultural Bank of China (1288) and Bank of China (3988).
They were followed by China Mobile and PetroChina, Sinopec and CNOOC.
China's leading sports product retailer Li Ning (2331) was kicked out of the 500 list as it failed to meet the revenue threshold.
The 500 companies had a cumulative profit of 2.17 trillion yuan last year, up 3 percent, the survey showed, stressing that bottom-line growth was the slowest in three years.
Fortune's news of how the companies fared also came on the same day that the ministry of finance said that state-owned enterprises recorded a net profit of 1.1 trillion yuan in the first half, up 7 percent from a year back.
Revenue hit 21.2 trillion yuan, up 10.7 percent.
The best performing industries were power generation, electric, oil and chemical and property construction.
The website of Fortune magazine's China edition yesterday released its latest list yesterday, ranking the 500 mainland firms according to revenue, which had to be at least 7.25 billion yuan (HK$9.06 billion).
Of the 500, 46 turned in a net loss - double the number of companies in 2011.
The news happened on the same day China COSCO announced that its chairman Wei Jiafu is retiring with immediate effect. The shipping giant has booked losses for the past three years in a row.
Sinopec (0386) and PetroChina (0857) topped the scales in revenue terms.
China State Construction Engineering replaced China Mobile (0941) in the third spot on the revenue rankings, pushing the telco one place down, while ICBC (1398) was ranked fifth.
However, in terms of net profit, the list was dominated by the nation's four largest state-owned banks - ICBC, China Construction Bank (0939), Agricultural Bank of China (1288) and Bank of China (3988).
They were followed by China Mobile and PetroChina, Sinopec and CNOOC.
China's leading sports product retailer Li Ning (2331) was kicked out of the 500 list as it failed to meet the revenue threshold.
The 500 companies had a cumulative profit of 2.17 trillion yuan last year, up 3 percent, the survey showed, stressing that bottom-line growth was the slowest in three years.
Fortune's news of how the companies fared also came on the same day that the ministry of finance said that state-owned enterprises recorded a net profit of 1.1 trillion yuan in the first half, up 7 percent from a year back.
Revenue hit 21.2 trillion yuan, up 10.7 percent.
The best performing industries were power generation, electric, oil and chemical and property construction.
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