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China sees widened decline in industrial profit in May

Jun. 29, 2012 (China Knowledge) - The combined profit of industrial enterprises with at least RMB 20 million revenues in China fell 5.3% YoY to RMB 390.9.billion in May this year, according to statistics released by the National Bureau of Statistics.

The decline last month was larger than the 2.2% drop in April.

In the first five months, the industrial profit amounted to RMB 1.84 trillion, down 2.4% YoY.
 
During the period from January to May, the profits of state-owned enterprises dropped 10.8% YoY to RMB 560.1 billion, while profits of joint-stock companies rose 0.4% YoY to RMB 1.08 trillion during the period. Foreign-funded enterprises reaped RMB 427.2 billion in profits in the period, 13.7% less than that in the same period of last year. Privately-owned companies saw their profits rise 18.1% YoY to RMB 550 billion.
 
The combined core business revenue of these industrial enterprises reached RMB 34.50 trillion in the first five months, reflecting a YoY growth of 11.9%.
 
Twenty-six of the 41 industrial sectors saw increase in profits during the period, and 13 industrial sectors saw YoY declines in profit.

The oil and gas industry saw profit rise 4% YoY. The agricultural and sideline foodstuffs processing industry experienced a 16.7% increase in profit, and the heat and power producing and supplying industry recorded a 22.2% growth in profit. The profit of the auto manufacturing sector grew 10.4%.The profit of the chemical raw material and chemical product industry fell 23% YoY. There was a YoY decline of 56.9% in profit of the ferrous metal smelting and processing industry and 2.7% decline in the profit of the general-purpose equipment industry and 16.5% fall in the computer, telecommunication and electronics industry.
 
The oil processing, coking and nuclear fuel processing industry swung to loss in the period.







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