China’s industrial profits plunged in March although at slower pace

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

Profits at China’s industrial firms plunged in March although at a slower pace than in the first two months, with many sectors seeing significant declines, indicating that the economy is still struggling amid the disruption caused by the coronavirus outbreak.

China’s industrial profits fell 34.9 per cent last month from a year earlier to 370.66 billion yuan, according to data released by the National Bureau of Statistics on Monday. That compares to a 38.3 per cent slump in January and February combined, which marked the steepest decline since at least 2010.