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Export slump hurts top electronics firms
By Zhu Shenshen |
July 11, 2009, Saturday
|
Print Edition
Print Edition
THE combined revenue and profit of China's top electronics firms declined last year due to slumping exports caused by the global financial crisis, Shanghai Daily learned through figures released by the industry regulator yesterday.
The combined revenue of the top 100 electronics firms was 1.12 trillion yuan (US$164.7 billion) last year, a 12-percent decrease year on year. The total profit of the firms, including Huawei Technologies and Lenovo Group Ltd, tumbled 20 percent on year to 39.4 billion yuan in the period, according to the Ministry of Industry and Information Technology.
It was the first time in at least five years that both revenue and profit decreased among the top 100.
"The electronics industry is still suffering, and we have to wait for overseas markets to rebound," the ministry said in a statement.
China is the world's biggest manufacturing base of mobile phones and laptop computers. It exports millions of gadgets annually. The slumping global economy has dented demand for IT gadgets.
Last year, the top 100 firms accounted for 18 percent of the industry's total revenue and 22 percent of profit, according to the ministry.
Huawei Technologies, the country's biggest telecommunications maker, took top spot with annual revenue of 122.7 billion yuan, followed by home appliance giant Haier Group's 122 billion yuan and top PC maker Lenovo's 115.2 billion yuan. Other top 10 firms included telecommunications equipment maker ZTE Corp and home appliance vendor TCL Group.
Analysts have said the telecommunications industry has room to grow with the issuance of 3G licenses while home appliance makers are expected to benefit from a government subsidy policy to people in rural areas.
The combined revenue of the top 100 electronics firms was 1.12 trillion yuan (US$164.7 billion) last year, a 12-percent decrease year on year. The total profit of the firms, including Huawei Technologies and Lenovo Group Ltd, tumbled 20 percent on year to 39.4 billion yuan in the period, according to the Ministry of Industry and Information Technology.
It was the first time in at least five years that both revenue and profit decreased among the top 100.
"The electronics industry is still suffering, and we have to wait for overseas markets to rebound," the ministry said in a statement.
China is the world's biggest manufacturing base of mobile phones and laptop computers. It exports millions of gadgets annually. The slumping global economy has dented demand for IT gadgets.
Last year, the top 100 firms accounted for 18 percent of the industry's total revenue and 22 percent of profit, according to the ministry.
Huawei Technologies, the country's biggest telecommunications maker, took top spot with annual revenue of 122.7 billion yuan, followed by home appliance giant Haier Group's 122 billion yuan and top PC maker Lenovo's 115.2 billion yuan. Other top 10 firms included telecommunications equipment maker ZTE Corp and home appliance vendor TCL Group.
Analysts have said the telecommunications industry has room to grow with the issuance of 3G licenses while home appliance makers are expected to benefit from a government subsidy policy to people in rural areas.
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