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July 28, 2016

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China’s industrial profits grow faster

PROFITS for China’s manufacturers grew faster in June as their production and sales accelerated, the National Bureau of Statistics said yesterday.

Their combined net profit for the month rose 5.1 percent year on year to 616.3 billion yuan (US$92.4 billion), from a 3.7 percent growth in May, the bureau said.

For the first six months, their profit grew 6.2 percent year on year to 3 trillion yuan.

Notably, the manufacturers reported that profit from their core business — a major source of overall profits — accelerated to 3.8 percent in June from 3 percent in May.

“From a general point of view, the growth of industrial production and sales has accelerated, and the decline in product prices continues to narrow,” said He Ping, a researcher at the bureau.

He pointed out that the profit growth in electronics and oil processing sectors contributed 3.6 percentage points of the year-on-year industrial profit expansion.

The industrial profit data were among the better-than-expected economic indicators for June that helped keep China’s GDP growth at 6.7 percent year on year in the second quarter.

Earlier data showed that industrial output surged 6.2 percent year on year in June, accelerating from a 6 percent increase in May.

Meanwhile, state-owned manufacturers saw their combined profits fall 8 percent year on year to 558 billion yuan in the first half of the year, while those of private firms grew 8.8 percent to 1.05 trillion yuan, the bureau said.

Profits grew at 30 of the 41 industries tracked, fell in nine, and were flat in two.

Profits in state-owned non-financial companies dropped 8.5 percent year on year in the January-June period, slower than the 9.6 percent decline in the first five months.


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