Sharp drop in profits of industrial companies in China

Profits of industrial companies in China fell 21.4 percent in the first quarter compared with the same period last year.

According to data from the National Bureau of Statistics (UIB), the total profits of industrial enterprises with an annual turnover of more than 20 million yuan (about 2.9 million US dollars) totaled 1.52 trillion yuan (about 220,000 million dollars) in January-March 2023. .

In the first three months, the total income and expenses of industrial establishments increased by 0.6 percent and their expenses by 22 percent, while their profits decreased by 21.4 percent compared to the same period in 2022.

THE PROFITABILITY OF THE ENERGY SECTOR INCREASED 42 PERCENT YEARLY

With auto sales and production rising, the auto industry’s March total profitability rose 9.1 percent in March, after a 41.7 percent drop in the first 2 months.

In March, the profitability of the energy sector increased by 41.9 percent annually.

The profits of industrial companies in China fell 4 percent in 2022 compared with the previous year. (AA)