test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Economy | Time: Feb 4 2020 9:12AM
China's industrial profits fall 3.3 pct in 2019
 
Text size
BEIJING, Feb. 3 (Xinhua) -- Profits of China's major industrial firms dropped 3.3 percent year on year last year, data from the National Bureau of Statistics (NBS) showed Monday.

The decline widened from a 2.1-percent decrease registered during the first 11 months of 2019.

"Factors including weak demand, lower prices of industrial products and rising costs led to the fall in profits," said NBS senior statistician Zhu Hong.

Revenues of major industrial companies rose 3.8 percent year on year last year, slowing from an 8.6-percent growth in 2018. Coupled with higher costs, the profitability was squeezed, Zhu noted.

Key industrial sectors such as steel, chemical engineering, automobile and petroleum processing reported steep profit declines, down by 37.6 percent, 25.6 percent, 15.9 percent and 42.5 percent from a year earlier, respectively.

Profits of state-owned industrial firms dropped 12 percent from one year earlier to 1.64 trillion yuan (about 2.34 billion U.S. dollars).

Thanks to the large-scale tax and fee cuts and other support policies, private and small companies enjoyed better business environment. Their profits bucked the downward trend by growing 2.2 percent and 5 percent year on year, Zhu said.

In December alone, profits of major industrial firms dipped 6.3 percent year on year.
Related Articles
No related data!
 
Research
Polyester market review in H1 2020 and market outlook
PET bottle chip market to face challenges after an ...
Spandex market review in H1 2020 and market outlook
PTA and PX market outlook in H2 2020
Analysis on production changes of global major cotton ...
Analysis on spandex for ear bands for masks in 2020
 
 

浙公网安备33010902000742号