China�s industrial profit decline narrows

Profits of China’s major industrial firms fell 1.4 per cent  year on year in November, narrowing from a 4.6 per cent   decline posted in October, the National Bureau of Statistics (NBS) said yesterday, reports Xinhua from Beijing.
Profits at industrial companies with annual revenues of more than 20 million yuan (about 3.1 million U.S. dollars) totaled 672.1 billion yuan in November. Rebounding sales, lower costs and higher investment returns helped slow the profit decrease, said He Ping, an official with the Department of Industry at the NBS. Revenues from the firms’ primary business rose 1 per cent  year on year in  November, compared with a 1.4 per cent  drop in October. Automobile and electricity industries posted marked profit growth, a major contributor to improvement in the overall industrial profits, He said. Auto manufacturers saw their profits jump 35 per cent  in November, 28.6  per cent age points higher than in October. Profits of power and heat suppliers soared 51 per cent , up 42.6 per cent age points from October. However, the country’s industrial firms still have to cope with rapid piling up of finished products and fast increase of receivables, the money they have yet to collect from customers, He said. Industrial profits in the first 11 months of this year dropped 1.9 per cent  year on year to around 5.5 trillion yuan, the NBS said. The decline narrowed from a 2-per cent  decrease registered in the Jan.-Oct. period. In the first 11 months, state-owned industrial firms saw profits slump 23 per cent  year on year, while privately-owned firms rose 5.3 per cent . Facing lingering downward risks, Chinese authorities have ramped up efforts to prop up the economy. The central bank has cut benchmark interest rates five times since last November and lowered banks’ reserve requirement ratio three times since February.

 

China�s industrial profit decline narrows

Profits of Chinas major industrial firms fell 1.4 per cent year on year in November, narrowing from a 4.6 per cent decline posted in October, the National Bureau of Statistics (NBS) said yesterday, reports Xinhua from Beijing. Profits at industrial companies with annual revenues of more than 20 million yuan (about 3.1 million U.S. dollars) totaled 672.1 billion yuan in November. Rebounding sales, lower costs and higher investment returns helped slow the profit decrease, said He Ping, an official with the Department of Industry at the NBS. Revenues from the firms primary business rose 1 per cent year on year in November, compared with a 1.4 per cent drop in October. Automobile and electricity industries posted marked profit growth, a major contributor to improvement in the overall industrial profits, He said. Auto manufacturers saw their profits jump 35 per cent in November, 28.6 per cent age points higher than in October. Profits of power and heat suppliers soared 51 per cent , up 42.6 per cent age points from October. However, the countrys industrial firms still have to cope with rapid piling up of finished products and fast increase of receivables, the money they have yet to collect from customers, He said. Industrial profits in the first 11 months of this year dropped 1.9 per cent year on year to around 5.5 trillion yuan, the NBS said. The decline narrowed from a 2-per cent decrease registered in the Jan.-Oct. period. In the first 11 months, state-owned industrial firms saw profits slump 23 per cent year on year, while privately-owned firms rose 5.3 per cent . Facing lingering downward risks, Chinese authorities have ramped up efforts to prop up the economy. The central bank has cut benchmark interest rates five times since last November and lowered banks reserve requirement ratio three times since February.