China's industrial profit growth slows in January-April


BEIJING (Xinhua): Profit growth of China's major industrial firms slowed during the first four months of 2022, weighed down by the resurgence of domestic Covid-19 cases, official data showed on Friday (May 27).

Firms with annual main business revenue of at least 20 million yuan (US$2.97 million) saw profits grow 3.5 per cent year-on-year in the January-April period. However, profit growth was 8.5 per cent in the first three months, said the National Bureau of Statistics.

The combined profits of those firms hit nearly 2.66 trillion yuan in the first four months, the data showed.

During the period, 19 out of 41 industries saw a year-on-year expansion in their profits, however 20 industries registered declines.

In the January-April period, profits of the mining industry continued to maintain rapid growth, rising 1.46 times year-on-year, while the manufacturing sector saw profits down 8.3 per cent, compared with a 2.1-per cent decline registered in the first quarter.

"The resurgence of Covid-19 cases and global uncertainties dragged down profits of industrial companies in April," said Zhu Hong, a senior statistician with the NBS.

"However, their performance will recover gradually as the Omicron outbreak stabilises, factories and companies are resuming production in an orderly manner, and measures to relieve enterprises' burdens are showing effect," Zhu said.

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