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China sees 5.4% decline in industrial profit in Jul

Aug. 27, 2012 (China Knowledge) - The combined profit of industrial enterprises with at least RMB 20 million revenues in China fell 5.4% YoY to RMB 366.8.billion in July this year, according to statistics released by the National Bureau of Statistics.

The decline last month was larger than the 1.7% drop in June.

In the first seven months, the industrial profit amounted to RMB 2.68 trillion, down 2.7% YoY.
During the period from January to July, the profits of state-owned enterprises dropped 12.2% YoY to RMB 784.7 billion, while profits of joint-stock companies dropped 1.2% YoY to RMB 1.57 trillion during the period. Foreign-funded enterprises reaped RMB 609 billion in profits in the period, 12.6% less than that in the same period of last year. Privately-owned companies saw their profits rise 15.5% YoY to RMB 818.7 billion.
Twenty-five of the 41 industrial sectors saw increase in profits during the period, and 15 industrial sectors saw YoY declines in profit.

The agricultural and sideline foodstuffs processing industry experienced a 16.6% increase in profit, and the heat and power producing and supplying industry recorded a 29.3% growth in profit. The profit of the auto manufacturing sector grew 10.2%.The profit of the chemical raw material and chemical product industry fell 21.3% YoY. The oil and gas industry saw profit drop 2.1% YoY. There was a YoY decline of 60.8% in profit of the ferrous metal smelting and processing industry, 0.9% decline in the profit of the general-purpose equipment industry and 1.6% fall in the computer, telecommunication and electronics industry.

The oil processing, coking and nuclear fuel processing industry swung to loss in the period.

These industrial enterprises' core business revenue grew 10.6% YoY to RMB 49.99 trillion in the period.

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