Chinese industrial companies’ profits declined at faster pace in Jan – Sept

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Chinese industrial companies’ profits reached 6.24 trillion yuan in the period of Jan – Sept, falling 2.3% from a year earlier, compared to the 2.1% drop for the first eight months, according to data released by the National Bureau of Statistics.

Revenue grew by 8.2% year over year, compared to 8.4% growth during the first eight months, showed the data.

Industrial companies in the mining sector made a profit of 1.25 trillion yuan in the Jan – Sept period, surging 76% from a year earlier and the manufacturing sector made a profit of 4.63 trillion yuan, sliding 13.2%, according to data released by the National Bureau of Statistics.

The utilities sector made a profit of 371.2 billion yuan during the nine-month period, rising by 4.9% from a year earlier, returning to growth for the first time this year, said the NBS. 

In particular, as electricity demand increased and the rise in coal prices slowed, the profit in the electricity generation industry grew by 11.4% on year, reversing more than one year’s decline, it said.

Among the 41 industries, 19 industries saw profit grow year over year in the Jan – Sept period, while 22 sectors saw profit decline, said the NBS.

Profit in the oil and gas exploitation industry surged by 112% year over year, coal mining and coal washing industry surged 88.8%. 

Profits in the automobile manufacturing industry fell 1.9%, computer, telecommunication and other electric manufacturing industry fell 5.4%, general equipment manufacturing fell 7.2%.

Profits in the ferrous metal smelting industry tumbled 91.4% year over year, oil, coal and other fuel processing industry fell 67.1%, textile industry fell 15.3%, non-ferrous metal smelting industry fell 14.4% and non-metal mineral industry fell 10.5%, showed the data.