Industrial companies' profit growth dips
By Winny Wang |
May 28, 2011, Saturday
|
Print Edition
Print Edition
Profit growth at China's industrial companies continued to moderate last month as tightened policies and power shortage reined in expansion of factories.
Net income of industrial companies rose 29.7 percent year on year in the first four months of this year to 1.49 trillion yuan (US$229 billion), compared with an annual 32 percent growth in the first quarter, the National Bureau of Statistics said yesterday.
"Power shortage is to blame for the slower industrial profit growth as some provinces, such as Zhejiang and Jiangsu, started curtailing electricity supply that restricted production in factories," said Lu Zhengwei, an analyst at the Industrial Bank.
This year's power shortages began in March after surging coal prices eroded power generators' profitability and also due to insufficient generation capacity and transmission problems. This summer's power shortage could be worse than 2004 when the country sweltered through its worst crunch in decades.
Of the 39 industries tracked by the bureau, 35 saw their profit rise from a year earlier in the first four months.
Combined profits for state-owned companies increased 21.5 percent year on year to 502.9 billion yuan in the January-April period. Profit at foreign-invested manufacturers and Hong Kong, Macau and Taiwan companies jumped 18.1 percent to 406.7 billion yuan in the same period, while private industrial firms' net income soared by 47.4 percent to 376.6 billion yuan.
Net income of industrial companies rose 29.7 percent year on year in the first four months of this year to 1.49 trillion yuan (US$229 billion), compared with an annual 32 percent growth in the first quarter, the National Bureau of Statistics said yesterday.
"Power shortage is to blame for the slower industrial profit growth as some provinces, such as Zhejiang and Jiangsu, started curtailing electricity supply that restricted production in factories," said Lu Zhengwei, an analyst at the Industrial Bank.
This year's power shortages began in March after surging coal prices eroded power generators' profitability and also due to insufficient generation capacity and transmission problems. This summer's power shortage could be worse than 2004 when the country sweltered through its worst crunch in decades.
Of the 39 industries tracked by the bureau, 35 saw their profit rise from a year earlier in the first four months.
Combined profits for state-owned companies increased 21.5 percent year on year to 502.9 billion yuan in the January-April period. Profit at foreign-invested manufacturers and Hong Kong, Macau and Taiwan companies jumped 18.1 percent to 406.7 billion yuan in the same period, while private industrial firms' net income soared by 47.4 percent to 376.6 billion yuan.
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