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Hope despite industry profit slump
By Wang Yanlin |
April 27, 2012, Friday
|
Online Edition
Online Edition
PROFITS for Chinese industrial companies continued to decline in the first quarter, but showed signs of recovery that may light up hope that the world's second-largest economy has bottomed out.
Net earnings of Chinese manufacturers fell 1.3 percent from a year earlier to 1.04 trillion yuan (US$165 billion) in the January-March period, the National Bureau of Statistics said today.
The decrease narrowed from the cut of 5.2 percent in the first two months, but still contrasted sharply with the growth of 25.4 percent last year.
"Higher production costs, sluggish sales growth, a stronger yuan, and the stably weak external demand led to falling profit among Chinese manufacturers," the bureau said in a statement.
"However, there are signs of improvement, showing a possible end to the decline of manufacturing profits."
Net earnings of Chinese manufacturers fell 1.3 percent from a year earlier to 1.04 trillion yuan (US$165 billion) in the January-March period, the National Bureau of Statistics said today.
The decrease narrowed from the cut of 5.2 percent in the first two months, but still contrasted sharply with the growth of 25.4 percent last year.
"Higher production costs, sluggish sales growth, a stronger yuan, and the stably weak external demand led to falling profit among Chinese manufacturers," the bureau said in a statement.
"However, there are signs of improvement, showing a possible end to the decline of manufacturing profits."
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