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China's companies' profits drop 1.6%


11:20, May 28, 2012

BEIJING, May 28 (Xinhua) -- Profits for Chinese major industrial companies fell 1.6 percent in the first four months from the same period last year, China's statistical authority said Sunday.

Total profits for the largest industrial companies, or those with annual revenues above 20 million yuan (3.17 million U.S. dollars), stood at 1.45 trillion yuan during the first four months, the National Bureau of Statistics (NBS) said in a statement on its website.

The statement said that in April alone, industrial profits dropped 2.2 percent to 407.6 billion yuan from the same period of last year.

State-owned and state-controlled enterprises saw their profits fall 9.9 percent from one year earlier to 457.8 billion yuan in the first four months, while private companies' profits grew 20.9 percent during the same period.

Out of 41 industry categories, 27 reported a year-on-year increase in profits, 11 saw profits fall, one returned to profitability, one went into losses and one saw losses grow.

The ferrous metal sector was hit the hardest, with profits slumping by 57 percent. The chemical raw materials and product manufacturing industries suffered a 24.4-percent drop in profits.

Oil refining, coking and nuclear fuel processing companies also saw profits turn to losses, according to the statement.

Profits in the power generation sector, however, increased 20.1 percent. And the country's oil and gas exploration industry witnessed a 8.2-percent rise in profits, according to the statement.


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