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Guangdong sees first drop in industrial profit in 3 years

Apr. 5, 2012 (China Knowledge) - The 38,000 medium- and large- sized industrial enterprises in South China's Guangdong Province saw their profit fall 31.6% year on year to RMB 39.39 billion in the first two months of this year, due to weakening demand and rising costs, according to the latest figures released by the Guangdong Statistics Bureau.

The figure reflected the first year-on-year drop in industrial profit since the second half of 2009.

During the period from January to February, the profits of state-owned enterprises plunged 42.0% year on year to RMB 7.25 billion. Foreign-funded enterprises reaped RMB 27.18 billion in profits in the period, 26.0% less than in the same period of last year. Privately-owned companies saw their profits fall 6.2% year on year to RMB 7.49 billion.

Twenty-nine of the 39 industrial sectors saw decrease in profits during the period. The computer, telecommunication and electronics industry experienced an 80.1% drop in profit.
The core business revenue of these industrial enterprises decreased 1.8% year on year to RMB 1.17 trillion during the period.

In the first two months, 10,445 industrial enterprises or 27.3% of the total suffered a combined loss of RMB 22.27 billion, 103.4% more than in the same period of last year.

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