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China sees 1.7% decline in industrial profit in Jun

Jul. 27, 2012 (China Knowledge) - The combined profit of industrial enterprises with at least RMB 20 million revenues in China fell 1.7% YoY to RMB 468.2.billion in June this year, according to statistics released by the National Bureau of Statistics.

The decline last month was smaller than the 5.3% drop in May.

In the first six months, the industrial profit amounted to RMB 2.31 trillion, down 2.2% YoY.

During the period from January to June, the profits of state-owned enterprises dropped 10.9% YoY to RMB 690.5 billion, while profits of joint-stock companies dropped 0.4% YoY to RMB 1.36 trillion during the period. Foreign-funded enterprises reaped RMB 522.1 billion in profits in the period, 13.4% less than that in the same period of last year. Privately-owned companies saw their profits rise 16.5% YoY to RMB 694.7 billion.

Twenty-seven 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 0.5% YoY. The agricultural and sideline foodstuffs processing industry experienced a 16.5% increase in profit, and the heat and power producing and supplying industry recorded a 23.8% growth in profit. The profit of the auto manufacturing sector grew 10%.The profit of the chemical raw material and chemical product industry fell 22.5% YoY. There was a YoY decline of 56.5% in profit of the ferrous metal smelting and processing industry, 0.6% decline in the profit of the general-purpose equipment industry and 2.8% 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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