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China industrial firms' profits hit $83bn in April

SHANGHAI, May 28, 2017

China’s major industrial firms posted profits of 572.78 billion yuan ($83.5 billion) in April, a 14 percent increase over the same period last year, according to the National Bureau of Statistics (NBS).

NBS revealed that industrial companies with annual revenues of more than 20 million yuan ($2.92 million) reported profits of 2.28 trillion yuan in the first four months, a 24.4-per cent increase from one year earlier, a Xinhua news agency report said.

The profit growth has softened from a 28.3-percent increase in the first three months, but is still the highest January-April level since 2012, it said.

NBS statistician He Ping said the slowdown was "reasonable" after the breakneck growth in previous months, noting that there was still good momentum in industrial profit growth.

The industrial sector, which accounts for about one-third of China's gross domestic product (GDP), started to pick up last year after profit declines in 2015, helped by government efforts to cut overcapacity and a recovery in the property sector.

Among the 41 industries surveyed, 38 posted year-on-year profit growth during the first four months.

In April, new profits from consumer-goods manufacturing accounted for 21.6 per cent of the overall profit increase, up 9.8 percentage points from the March level, while high-tech manufacturing accounted for 23.2 per cent of the total, up 19 percentage points from the previous month.

In the four months, major industrial firms also saw profitability of their primary business edge up 0.53 percentage points to 6.04 per cent. By the end of April, their debt-asset ratio dropped 0.6 percentage points to 56.2 per cent, added the report.




Tags: | China | profit | industrial | firms | April |

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