Chinese industrial firms’ profits grew 0.8% in June, back into growth as production recovered
STOCKS
Chinese industrial firms’ profits grew 0.8% in June, back into growth as production recovered
STOCKS

Chinese industrial firms’ profits grew 0.8% in June, back into growth as production recovered

 

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Chinese industrial companies made a profit of 4.27 trillion yuan in the first half of the year, rising 1% from the same period last year, unchanged from the growth for the first five months, according to data from the National Bureau of Statistics.

The companies made a revenue of 65.41 trillion yuan in the six-month period, rising 9.1% from a year earlier, in line with the growth for the first five months, showed the data.

Among Chinese industrial companies, state-owned companies made a profit of 1.49 trillion yuan in the first half of the year, rising 10.2% from a year earlier, while private companies’ profit during the period fell 3.3% on year to 1.19 trillion yuan, according to the data.

In June alone, industrial companies’ profits grew by 0.8% from a year earlier, climbing back into positive territory after falling for two consecutive months and compared to 6.5% drop in May, said the NBS.

Industrial companies’ profits declined significantly in April due to the impacts of the Covid-19 outbreaks, the drop narrowed in May as the epidemic was effectively controlled, and in June, their performance improved notably as industry chain and supply chain recovered further, it said.