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Chinese industrial companies recorded a profit of 2.03 trillion yuan in the first four months of the year, sliding 20.6% from a year earlier, according to the data from the National Bureau of Statistics.
In April alone, industrial firms posted a 18.2% drop in profit year-on-year, according to the NBS, which only occasionally gives monthly figures. Profits shrank 19.2% in March.
In breakdown, the mining sector’s profit reached 475.2 billion yuan, sliding 12.3% from a year earlier; the manufacturing sector’s profit reached 1.37 trillion yuan, slumping 27% from a year ago, while utilities sector’s profit surged 34.1% to 185.3 billion yuan, showed the data.
Among major industries, electricity and heating industry’s profit surged 47.2%, general equipment manufacturing industry grew 20.7%, automobile manufacturing industry rose by 2.5%, oil and gas mining industry fell 6%, specialized equipment manufacturing sector fell 7.4%, coal mining and washing industry slid 14.6%, non-ferrous metal smelting industry slid 55.1%, oil, coal and other fuel processing industry tumbled 87.9%, and ferrous metal smelting industry slumped 99.4%, showed the data.
Chinese industrial companies’ revenue grew rapidly in April, rising by 3.7% from a year earlier, accelerating by 3.1 percentage point from the previous month, according to the NBS.
For the first four months of the year, industrial companies revenue in the first four months of the year returned to growth, rising by 0.5% year over year, compared to the 0.5% fall for the period of Jan – Mar, showed the data.
