The profits of China’s leading industrial companies dropped by 20.6% in the first four months of the year compared to the same period last year, the National Bureau of Statistics (NBS) revealed.
During this time, industrial enterprises generating a minimum annual primary business revenue of 20 million yuan (approximately $2.83 million) collectively earned around 2.03 trillion yuan.
In April, the profits of Chinese industrial firms experienced an 18.2% year-on-year drop, a decrease that is 1 percentage point smaller than what was recorded in March. The firms saw their combined revenues increase by 3.7%, an acceleration of 3.1 percentage points compared to the previous month, according to NBS.
Out of the 41 industrial sectors, 23 showed improved profits in April compared to March. The equipment manufacturing industry registered a 29.8% profit increase on a year-on-year basis in April, thereby reversing a decline that was recorded in March.
Industrial profits continued to recover even as industrial companies face challenges like complex global environment that restrains demand, Chinese media reports said quoting NBS statistician Sun Xiao.
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