Industrial profits drop further in August

By Wang Yanlin | September 28, 2015, Monday |

Online Edition

PROFITS of China's industrial companies dropped more than expected in August, indicating complications in the world's second-largest economy.

Net earnings of manufacturing companies fell 8.8 percent from a year earlier to 448.1 billion yuan (US$70.6 billion) last month, worsening from the loss of 2.9 percent in July and 0.3 percent in June, according to the National Bureau of Statistics today.

The performance has remained in the negative territory for the third consecutive month after a brief expansion of 0.6 percent in May.

In the first eight months, their profits landed at 3.76 trillion yuan, down 1.9 percent year on year and compared with the decrease of 1 percent during the January-July period.

He Ping, a researcher at the bureau, said faster rise of production costs than sales, insufficient demand that led to low prices and the movement of exchange rates were behind the sharp deceleration in August.

"China's industrial profits deteriorated significantly last month," He said. "However, some other indicators pointed to a stabilizing manufacturing sector, painting a mixed picture that added into the uncertainties of the economy."

Economy

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Industrial profits drop further in August

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