Daily Management Review

November Industrial Profits Of Large Companies Of China Rebound


12/27/2019




November Industrial Profits Of Large Companies Of China Rebound
The National Bureau of Statistics (NBS) of China data showed that in the month of November, the profits of country’s major industrial companies increased by 5.4 per cent year on year. This was a surprise to many because the November growth reversed the 9.89 per cent decline in the same number for the country in the month of October. This was announced by Zhu Hong, senior statistician of the NBS. 
 
According to Zhu, the driver for the rebound in industrial profits in November included the increased growth in the industrial production and sales coupled with a moderate fall in the factory-gate prices of industrial products.
 
The profits for the major industrial firms of China in the first 11 months of the year had dropped by 2.1 per cent on the overall to touch 5.61 trillion yuan or 802.8 billion U.S. dollars which was lower by 0.8 percentage points to the total decline reported for the number in the first 10 months of the current year.
 
The worst performers among the large companies of the country in the first 11 months of the current year were the state-controlled industrial companies that recorded an average profit drop of 11.2 per cent from the same period a year ago to drop to total profits of 1.6 trillion yuan. In the same period however the profits of the privately held major Chinese companies increased by 6.5 per cent on the average year on year to reach 1.59 trillion yuan.
 
The total profits of the major Chinese companies in the mining industry increased by about 1 per cent on the average in the aforementioned period to touch 517.4 billion yuan. On the other hand, there was a 4.1 per cent drop in the profits of major companies in the manufacturing sector to touch 4.63 trillion yuan in the same period.
 
According to the NBS, year on year, in the first 11 months there was rise in the profits on the average in major companies in 28 of the 41 industrial sectors that were surveyed while there was a fall in companies of profits on an average in 13 sectors.
 
There was an overall increase in the total revenues generated in the aforementioned time period by the major industrial companies of China which was 4.4 per cent higher year on year. The companies together generated 20 million yuan more in annual revenue which reached a total of 95 trillion yuan. However the profits did not rise commensurately because of an increase of 4.6 per cent in their business costs which was at 79.99 trillion yuan in the same period.
 
Zhu said that there was acceleration in the profit growth of private and small businesses in November.
 
There was a 14.7 per cent and 8.6 per cent year on year growth in the profits of private and small companies respectively in the month of November compared to the 9.9 per cent and 5.6 per cent clocked by the firms in the month of October respectively.
 
In the second half of the year, the slide of the profits of state-controlled industrial firms was broken with a growth of 0.6 per cent year on year while the same number for overseas-funded enterprises rallied 3.5 per cent year on year compared with a 2-per cent fall recorded by the companies in October.
 
(Source:www.xinhuanet.com)






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