CHINA China's industrial profits down 27.4 pct in first four months

CHINA

China's industrial profits down 27.4 pct in first four months

Xinhua

13:10, May 27, 2020

BEIJING, May 27 (Xinhua) -- Profits of China's major industrial firms continued to fall in the first four months of 2020, but the decline was seen to narrow amid government efforts to coordinate COVID-19 containment and economic growth, data showed Wednesday.

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File photo: VCG

Profits of industrial companies with annual revenue of more than 20 million yuan (about 2.8 million U.S. dollars) totaled 1.26 trillion yuan during the January-April period, down 27.4 percent year on year, according to the National Bureau of Statistics (NBS).

The contraction narrowed from the 36.7-percent decline in the first quarter, NBS data showed.

In April alone, industrial profits edged down 4.3 percent, recovering from the 34.9-percent drop registered in March as production and sales rebounded on nationwide restoration of economic activities, NBS statistician Zhu Hong noted.

Increasing investment returns last month as well as a low comparison base last year also contributed to the improvement, Zhu added.

Despite the recovery, business profitability situation remained "not optimistic" as yet-to-recover market demand, retreating industrial prices and cost pressure would combine to weigh on profits, Zhu stressed. 

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