Resources mining firms are the most profitable ones of China's domestically listed firms last year, according to the latest edition of the Shanghai Securities News.

Total net profits by 19 mining firms, which have just made public their 2005 annual business report, stood at 48 billion yuan (6 billion U.S. dollars), accounting for more than one quarter of the net profits by firms listed domestically, the newspaper said.

Citing its own calculation, the paper said 1,191 firms listed on Chinese mainland stock markets posted an average profit growth of 5.04 percent in 2005 year on year, compared with nearly 30 percent in 2004, according to the newspaper.

The mining firms were followed by power companies as major profitable firms.

Net profits by six sectors, such as electronics, construction, paper-making and printing, banking, mining and cable TV operation and media, grew by more than 20 percent, while timber and furniture firms and agriculture-related firms recorded over 30 percent decreases in net profits.

The listed firms, which exclude a group of firms delisted since 2005, recorded 3.74 trillion yuan in their combined revenues from their major business, up 22.59 percent over 2004.

It said soaring prices of raw materials are responsible for the slowdown of profit growth of those firms.

Source: Xinhua