Chinese industrial companies’ profits declined on year in Jan – Jul, revenue grew at slower pace
DATA MACRO
Chinese industrial companies’ profits declined on year in Jan – Jul, revenue grew at slower pace
DATA MACRO

Chinese industrial companies’ profits declined on year in Jan – Jul, revenue grew at slower pace

 

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Chinese industrial companies generated a total profit of 4.89 trillion yuan in the first seven months of the year, down 1.1% from a a year earlier, compared to 1% gain from the first half of the year, according to data released by the National Bureau of Statistics on Saturday.

The industrial companies’ revenue grew by 8.8% in the seven-month period from a year earlier, slowing from 9.1% growth during the first six months, showed the data.

In breakdown, state-controlled industrial companies made a total profit of 173.76 billion yuan in the period, an increase of 8% from a year earlier, while private industrial companies’ total profits amounted to 131.65 billion yuan, down 7.1%, showed the data.

Chinese industrial companies saw revenue grow rapidly in the first seven months, but profits declined slightly, said Zhu Hong, senior statistician at the National Bureau of Statistics.

Among the 41 industries, 16 industries saw profit grow year over year in the period, with 14 industries recording growth above 5%, said the NBS.

Overall speaking, industrial companies’ performance continued to show a recovering trend, but due to multiple factors, profit declined slightly, cost remained high, market demand was still insufficient, pressure on operations increased and environment at home and overseas became more complex, it will take an arduous effort to sustain steady recovery of the industrial economy, said Zhu.