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Guangdong sees widening decline in industrial profit in Jan-Apr

May. 30, 2012 (China Knowledge) - The 38,305 medium-and large-sized industrial enterprises in South China's Guangdong Province saw their profit fall 21.1% YoY to RMB 99.29 billion in the first four months of this year, according to the latest figures released by the Guangdong Statistics Bureau.

The decline in profit was 4.8 percentage points larger than that in the first quarter.

During the period from January to April, the profits of state-owned enterprises plunged 30.5% YoY. Foreign-funded enterprises recorded an 18.9% decrease in profits. Privately-owned companies saw their profits rise 7.9% YoY to RMB 15.08 billion.

Twenty-seven of the 39 industrial sectors saw decrease in profits during the period. The profit of the alcohol, beverage and refined tea industry dropped 160.7% YoY, followed by a 153.0% decrease in the profit of the ferrous metal and processing industry, 128.1% decrease in the oil processing, coking and nuclear fuel processing industry and 69.3% decrease in the computer, telecommunication and electronics industry.

The core business revenue of these industrial enterprises increased 4.1% YoY to RMB 2.67 trillion during the period.

In the first four months, 9,226 industrial enterprises or 24.1% of the total suffered a combined loss of RMB 32.14 billion, 107.9% more than in the same period of last year.

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