Industrial profits rise slower at nearly 10%
Print Edition
CHINA’S industrial profits rose 10 percent in the first four months from a year earlier, easing from last year’s 11.4 percent — indications that the economic growth continued to slow.
The profits totaled 1.76 trillion yuan (US$282 billion) in the January-April period, with 30 industries of the 41 being tracked reporting higher earnings, the National Bureau of Statistics said yesterday.
In April alone, industrial profits rose 9.6 percent from last year, 1.1 percentage points slower than March’s.
He Ping, a researcher at the bureau, blamed rising costs and a drastic slowdown in the telecommunication, power generation and alcohol and tea sectors for the cooler profit growth in April.
He said the automobile, power generation, electrical equipment, non-metallic mineral products and telecommunication and other electronic devices industries contributed 78.6 percent of the profits in the period.
The automobile sector continued to lead profit contribution with a 41.25 billion yuan rise in profits.
Private businesses grew their profits by 13.8 percent in the four months, the bureau said. The profits for foreign-invested companies and those from Hong Kong, Macau and Taiwan rose 12.7 percent. Profits at state-owned enterprises added 2.6 percent, which dragged down the average growth rate.
Hao Daming, an analyst with Huarong Securities, expects industrial profit growth to continue to moderate in the second quarter.
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