Industrial profits post weaker gain
Print Edition
PROFITS of China’s industrial companies rose by a weaker 13.5 percent from a year earlier in July, compared with the pace of 17.9 percent a month ago, the National Bureau of Statistics said yesterday.
The slower growth in profits echoed earlier data showing the recovery in the manufacturing sector has yet to consolidate, analysts said.
The profits totaled 482.3 billion yuan (US$78.5 billion) last month. Manufacturers saw net earnings of 3.34 trillion yuan in the first seven months, up 11.7 percent year on year.
He Ping, a researcher at the bureau, said the data, though pointing to a slower growth, revealed a stable sector after the country unveiled accommodative policies to support the economy.
In the first seven months, the revenue of manufacturers added 8.8 percent, 0.2 percentage points stronger than that in the first half, according to the bureau. Costs gained 9 percent, the same as that in the January-June period.
Earlier data showed China’s manufacturing sector may grow at the slowest pace in three months in August when new orders moderated.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of the operating conditions at industrial companies, fell to 50.3 in August from the final reading of 51.7 in July, signaling weakness in the country’s economy.
Wang Tao, an economist at UBS, said the sluggish domestic demand may still weigh on the industrial sector, and less investment in manufacturing would also curb its recovery.
In the first seven months, profits of foreign-funded enterprises and companies with funds from Hong Kong, Macau and Taiwan rose the most by 16.1 percent to 809 billion yuan.
State-owned industrial enterprises saw a 6.3 percent rise in profits from a year earlier to 869.1 billion yuan. Profits of private firms gained 13.4 percent to 1 trillion yuan, while those of joint-stock enterprises climbed 10.6 percent year on year to 2.2 trillion yuan.
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