Profits increase 83.37 % for China funds

The 1,393 funds under 67 of China's fund companies realized total profits of 69.77 billion yuan ($11.28 billion) in the first quarter this year, up 83.37 percent year-on-year, according to TX Investment Consulting Co Ltd.

The average position of open-ended funds in China's stock market decreased to 83.8 percent in the first quarter, a decline of 0.74 percentage points compared to the last quarter of 2012, the China Securities Journal reported on Monday.

And the average position of close-end funds in China's stock market fell to 69 percent in the same period, a decline of 5 percentage points compared to the fourth quarter last year, a figure almost equal to the third quarter of 2012, the CSJ added.

Total fund dividends this year were 8.41 billion yuan, up 115 percent compared to the same period of 2012, the Securities Times reported.

The fund dividend was only 3.91 billion yuan in the same period last year.