Chinese industrial firms鈥 profits rose in Q1 as earnings improve
Print Edition
CHINESE industrial businesses reported profitability improved in March as profits powered ahead for the first quarter.
Profits of industrial companies with annual business revenue of above 20 million yuan (US$3.25 million) reached 1.3 trillion yuan from January to March, the National Bureau of Statistics said in a statement yesterday.
Their profits rose by 10.1 percent in the first quarter, compared with a 9.4-percent gain in the first two months.
The acceleration was fueled by an improving performance of firms in March, when they raked in 513.2 billion yuan in profits, up 10.7 percent year on year.
The bureau attributed the improvement last month to the rebound in profits in the telecommunication sector, whose earnings surged 63.4 percent from a 14.1-percent decline in the first two months.
The weak base due to sluggish performance of industrial enterprises in March 2013 was another major contributor to the improvement, according to the bureau.
In the first quarter, profits of private firms rose the fastest at 14.2 percent to 419.1 billion yuan.
State-owned and state-holding industrial enterprises achieved total profits of 354.8 billion yuan, up 2.9 percent year on year.
The combined profits of foreign-funded enterprises and companies funded from Hong Kong, Macau and Taiwan were 301.1 billion yuan in the first quarter, up 12.5 percent from the same period last year.
Joint-stock enterprises attained total profits of 755 billion yuan, a jump of 9.1 percent annually.
By sector, industrial enterprises in the mining industry achieved profits of 168.5 billion yuan in the first three months, a decrease of 15.1 percent.
Companies in the manufacturing sector posted a 13.9-percent jump in profits to 1 trillion yuan in the period.
Notably, the majority of industrial profits in the first quarter were made in just a few sectors, such as auto manufacturing, power and heat generation, electrical machinery production and output of telecom equipment.
Meanwhile, producers of coal, ferrous and non-ferrous metals, oil and natural gas, reported steep profit declines in the first quarter due to falling prices resulting from sluggish demand, according to the bureau.
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