Millennium Post

Chinese industrial profits drop for fifth consecutive month

Profits for major Chinese industrial firms continued to fall in August, weighed down by sluggish markets both at home and abroad, official data showed Thursday.

Profits for major industrial companies, or those with annual revenues of more than 20 million yuan ($3.15 million), fell 6.2 per cent year on year to 381.2 billion yuan in August, marking the fifth straight month of declines, the National Bureau of Statistics (NBS) said in a statement.

The figure also represented the largest monthly decrease for the past five months, reported Xinhua.

In the first eight months, profits for industrial firms fell 3.1 per cent from a year earlier to 3.06 trillion yuan, 0.4 percentage points greater than the decrease for the first seven months. Profits for state-run industrial enterprises, joint ventures and overseas-invested companies dropped, while private and collectively-owned firms recorded profit gains, the figures showed.

State-run firms saw profits decline 12.7 per cent year on year in the first eight months. Private sector profits grew 15.1 per cent.

Profits for foreign-funded companies and those from Hong Kong, Macao and Taiwan fell 12.7 per cent year on year to 703.4 billion yuan.
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