China's top 500 firms report first revenue decline

8/29/2016 5:49:56 AM

(MENAFN- The Peninsula) Beijing: China";s top 500 enterprises reported their first annual decline in combined revenues in 15 years with a 0.07 percent drop last year.

Among the top 500 firms, 155 reported declines in revenues in 2015, 61 more than a year ago, with many of them representing the overcapacity-plagued coal, steel, oil and chemicals industries.

Meanwhile, 72 firms reported losses, 15 more than a year ago, China";s News Agency (Xinhua) reported. China Enterprise Confederation and China Enterprise Directors Association unveiled the 2016 edition of the Top 500 Chinese Enterprises list.

The State Grid grabbed the top spot with 2.07 trillion yuan about ($310bn) in revenue, with oil giants China National Petroleum Corp. and Sinopec ranking second and third.

Haitong Securities, GF Securities and China Galaxy Securities entered the list for the first time as a bull stock market boosted their revenues.

QNA

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