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Manufacturers post slower profit growth in Nov
By Wang Yanlin |
December 27, 2010, Monday
|
Online Edition
Online Edition
PROFIT of China's industrial companies continued to moderate in November with rising production costs and a dubious outlook for the manufacturing sector that is under revamp.
Net income of Chinese industrial companies rose 49.4 percent from a year earlier to 3.88 trillion yuan (US$585 billion) in the first 11 months, slower than the 51.6 percent rate through October, the National Bureau of Statistics said today.
Among the 39 industries being tracked, only petroleum refinery reported a profit reduction of 1.1 percent while all the others said their profits were growing in the first 11 months.
"China's industrial activities are re-gaining traction in the past two months," said Li Maoyu, an analyst at the Changjiang Securities Co. "But higher production costs and an unknown future when China hopes to restructure its economy has been eating into manufacturers' profit."
Li predicted the slowdown spiral will end next year given the country can manage to shift its driving gear to domestic consumption.
This profit figure covers state companies and private businesses with annual sales of more than 5 million yuan.
Net income of Chinese industrial companies rose 49.4 percent from a year earlier to 3.88 trillion yuan (US$585 billion) in the first 11 months, slower than the 51.6 percent rate through October, the National Bureau of Statistics said today.
Among the 39 industries being tracked, only petroleum refinery reported a profit reduction of 1.1 percent while all the others said their profits were growing in the first 11 months.
"China's industrial activities are re-gaining traction in the past two months," said Li Maoyu, an analyst at the Changjiang Securities Co. "But higher production costs and an unknown future when China hopes to restructure its economy has been eating into manufacturers' profit."
Li predicted the slowdown spiral will end next year given the country can manage to shift its driving gear to domestic consumption.
This profit figure covers state companies and private businesses with annual sales of more than 5 million yuan.
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