News News

China's industrial profits fall in Q1 under virus strain

日期: 2020-04-28
浏览次数: 1

BEIJING -- Profits of China's major industrial firms dropped in the first quarter (Q1) of 2020 with signs of improvement in March amid efforts to coordinate COVID-19 containment and economic growth, data from the National Bureau of Statistics (NBS) showed Monday.

Profits of industrial companies with annual revenue of more than 20 million yuan (about $2.83 million) totaled 781.45 billion yuan in Q1, down 36.7 percent year on year, NBS said in a statement.

The contraction narrowed from the 38.3-percent decline in the first two months, NBS data showed.

In breakdown, profits of the manufacturing and mining industries went down 38.9 percent and 27.5 percent, respectively, while that of the production and supply of electricity, thermal power, gas and water reported a year-on-year decrease of 28.6 percent.

Industrial profits warmed in March as stepped-up work and production resumption nationwide drove up sales for industrial products, said NBS official Zhang Weihua, pointing to bright spots in the readings.

While profits in 39 of the 41 industrial sectors surveyed fell in Q1 from the same period last year, 28 sectors saw their profit growth improve or pullback soften in March, according to the NBS.

Electronic product manufacturers, along with liquor, beverages and tea makers, reversed Jan-Feb profit slumps to expand 19.5 percent and 7.5 percent, respectively.

Industrial firms in the high-tech manufacturing sector achieved profit rebound with a 0.5-percent growth in March after the 37.1-percent fall in the first two months.

Companies in the daily necessities sector registered significant profit improvement in March, said Zhang, noting that profits of the non-staple food processing sector grew 28.7 percent in March, up from 2.2 percent in the first two months.

Profits of private and small industrial firms, as well as that of overseas-funded companies, also narrowed their profit slump in March from the Jan.-Feb. period, according to the NBS.

Despite improvement last month, the profit decline in Q1 remained relatively steep due to factors including mounting stockpile, falling factory-gate prices, rising costs as well as market demand, which has yet to fully recover from COVID-19 impact, said Zhang.

Revenue of the major industrial firms amounted to 19.86 trillion yuan in Q1, down 15.1 percent year on year, and their business costs skidded 14.6 percent to 16.83 trillion yuan during the period.


Share to:
News / Recommended news More
2020 - 12 - 15
BEIJING -- China's textile and garment exports grew 9.9 percent year-on-year to $265.2 billion in the first 11 months, official data shows.Textile exports reached $141.6 billion in the period, a notable 31 percent growth from a year earlier, according to the Ministry of Industry and Information Technology. Garment exports dropped 7.2 percent to $123.6 billion.In November alone, the country'...
2020 - 11 - 26
China will step up efforts to expand the free trade area network across the world to enlarge its 'circle of friends', according to China's Commerce Minister Zhong Shan.After signing the Regional Comprehensive Economic Partnership (RCEP), China will see the China-Cambodia free trade agreement take effect at an early date and accelerate investment treaty negotiations with the European Un...
2020 - 11 - 18
China is ramping up efforts to improve the service capability of China-Europe rail freight, providing much-needed freight service amid the COVID-19 outbreak, the country's top economic regulator said on Tuesday.The new move came in an effort to keep up with the rising demand for freight trains amid the COVID-19 outbreak which has hampered international air and sea transport, Meng Wei, spokeswo...
2020 - 11 - 09
China's exports continued to expand in October, the growth rate reached 19 months high, and imports also showed stable growth, official data showed on Saturday, as the country's economy continues to recover from the pandemic.China's October exports and imports increased 11.4 and 4.7 percent, respectively, from a year earlier, reaching $237 billion and $179 billion.Exports in October co...
Phone: 86-510-85750782 
Zip code:214031
Address: Room 3606, Block A, Yunhe East Road 555, Wuxi, Jiangsu Province, China
Copyright ©2018 - 2021 Leonzon International Trading Co., Ltd.
犀牛云提供企业云服务