Net profit of mainland companies fell 1.1% in 2015

Earnings data compiled by research company Dazhihui showed that the total net profit of mainland-listed Chinese companies fell 1.1% to Rmb 2.47tn in 2015. According to the Financial Times, this was the first contraction since 2008. At non-financial companies, aggregate net profit in 2015 declined 15.7%. The big three oil companies, all state-owned, contributed significantly to the decline. Their combined net profit tumbled 60% to Rmb 88bn in 2015, wiping off over Rmb 130bn from 2014. Internet shopping is one of the winners. New York-listed Alibaba saw its turnover for the year through March rise 33% to Rmb101.1bn, while net profit jumped 193% to Rmb71.3bn.