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China Inc. gushing black ink as resource giants triumph

January-March net profits jump 21%, but outlook still murky

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A PetroChina refinery in China's northwestern province of Gansu. The oil giant swung to a net profit of 5.7 billion yuan in the January-March quarter.   © Reuters

SHANGHAI -- Earnings at publicly traded Chinese enterprises are recovering as rising resource prices give the fortunes of oil and coal giants a big boost.

Listed companies' net profits totaled 617.3 billion yuan ($89.6 billion) for the January-March quarter, up 21% on the year, shows a Nikkei survey of 2,744 businesses and based on data from Chinese financial information provider Shanghai DZH. Sales surged 23% to 6.81 trillion yuan. The resources, real estate and automotive sectors contributed to nearly 50% of the growth in overall profit.

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