Mar. 28, 2012 (China Knowledge) - The combined profit of these industrial enterprises with at least RMB 20 million revenues fell 5.2% year on year to RMB 606 billion in the first two months of this year, according to statistics released by the National Bureau of Statistics
The figure reflected the first drop in industrial profit since 2009.
In 2011, the country's industrial profit grew 25.4% year on year.
During the period from January to February, the profits of state-owned enterprises dropped 19.7% year on year to RMB179.1 billion, while profits of joint-stock companies dropped 2.5% year on year to RMB 347.2 billion during the period. Foreign-funded enterprises reaped RMB 141.9 billion in profits in the period, 18.9% less than that in the same period of last year. Privately-owned companies saw their profits surge 24.4% year on year to RMB 200.2 billion.
The combined core business revenue of these industrial enterprises reached RMB 12.08 trillion in the first two months, reflecting a year-on-year growth of 13.4%.
Twenty-three of the 41 industrial sectors saw increase in profits during the period, and only 14 industrial sectors saw year-on-year declines in profit.
The oil and gas industry saw profit rise 15.5% year on year. The Agricultural and sideline foodstuffs processing industry experienced a 13.3% increase in profit, and the heat and power producing and supplying industry recorded a 21.1% growth in profit. The profit of the chemical raw material and chemical product industry fell 28.8% year on year. There was a year-on-year decline of 94% in profit of the nonferrous metal smelting and processing industry and 4.6% decline in the profit of the general-purpose equipment industry, 6.5% drop in the auto manufacturing industry and 40.8% plunge in the computer, telecommunication and electronics industry.
The oil processing, coking and nuclear fuel processing industry swung to profit in the period.