China Industrial Profits Fall 2.3% YoY in January-May
Profits earned by China's largest industrial firms dropped by 2.3 percent from a year earlier to CNY 2.38 trillion in the first five months of 2019, following a 3.4 percent fall in the January to April period. Profits of state-owned industrial firms dropped 9.7 percent, while those of private firms grew 6.6-percent. Among the 41 industries surveyed, 15 sectors saw year-on-year profit falls, including chemical raw materials (-13.6 pct), coal mining (-9.4 pct), non-ferrous metal mining (-26.3 pct), ferrous metal smelting and rolling (-22.4), and computer, communications and other electronic equipment (-13 pct). In contrast, there were rises in profits for oil, coal and gas extraction (24 pct); pharmaceuticals (10.9 pct), and power supply (13.7 pct). Regarding May only, industrial profits rose 1.1 percent year-on-year to CNY 565.56 billion, switching from a 3.7 percent fall in April.
2 hours ago