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China sees narrowed decline in industrial profit in Q1

May. 2, 2012 (China Knowledge) - The combined profit of these industrial enterprises with at least RMB 20 million revenues fell 1.3% year on year to RMB 1.04 trillion in the first three months of this year, according to statistics released by the National Bureau of Statistics.

The decline in the first quarter narrowed from a 5.2% drop in the first two months.

In March, the industrial profit rose 4.5% year on year to RMB 438.9 billion.
During the period from January to March, the profits of state-owned enterprises dropped 12.4% year on year to RMB 317.2 billion, while profits of joint-stock companies rose 0.4% year on year to RMB 595.9 billion during the period. Foreign-funded enterprises reaped RMB 251.5 billion in profits in the period, 12.6% less than that in the same period of last year. Privately-owned companies saw their profits surge 22.4% year on year to RMB 326.4 billion.
The combined core business revenue of these industrial enterprises reached RMB 19.78 trillion in the first three months, reflecting a year-on-year growth of 14.1%.
Twenty-seven of the 41 industrial sectors saw increase in profits during the period, and 11 industrial sectors saw year-on-year declines in profit.
The oil and gas industry saw profit rise 10.6% year on year. The agricultural and sideline foodstuffs processing industry experienced a 17.7% increase in profit, and the heat and power producing and supplying industry recorded a 28.3% growth in profit. The profit of the auto manufacturing sector grew 6.3%.The profit of the chemical raw material and chemical product industry fell 23.1% year on year. There was a year-on-year decline of 83.5% in profit of the ferrous metal smelting and processing industry and 0.5% decline in the profit of the general-purpose equipment industry and 12.2% fall in the computer, telecommunication and electronics industry.
The oil processing, coking and nuclear fuel processing industry swung to profit in the period.

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