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Profit drop slows
By Wang Yanlin |
October 28, 2009, Wednesday
|
Online Edition
Online Edition
THE profit of China's industrial companies declined at a slower pace in September, reflecting improvements in the country's manufacturing sector.
Net earnings of Chinese manufacturers contracted 9.1 percent from a year earlier to 1.55 trillion yuan (US$227 billion) in the January-September period. Earnings dropped 10.6 percent in the first eight months, the National Bureau of Statistics said today.
Among the 39 industries researched, 35 reported improved profits. Transport equipment producers saw their earnings increase 21.5 percent in the first three quarters year-on-year, ranking the top in terms of profit increase.
"China's improving macroeconomic conditions pave the way for a recovery in the country's manufacturing sector," said Li Maoyu, an analyst at Changjiang Securities Co.
"Strong domestic demand, as well as better export results, will support the profit to get rid of negative growth in the near future."
Net earnings of Chinese manufacturers contracted 9.1 percent from a year earlier to 1.55 trillion yuan (US$227 billion) in the January-September period. Earnings dropped 10.6 percent in the first eight months, the National Bureau of Statistics said today.
Among the 39 industries researched, 35 reported improved profits. Transport equipment producers saw their earnings increase 21.5 percent in the first three quarters year-on-year, ranking the top in terms of profit increase.
"China's improving macroeconomic conditions pave the way for a recovery in the country's manufacturing sector," said Li Maoyu, an analyst at Changjiang Securities Co.
"Strong domestic demand, as well as better export results, will support the profit to get rid of negative growth in the near future."
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