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Machinery industry sees revenue rise in H1
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REVENUE from China’s machinery industry in the first six months rose 3.5 percent year on year to 10.73 trillion yuan (US$1.73 trillion), the China Machinery Industry Federation said yesterday.
Despite the gains, net profit for the period edged up just 0.1 percent to 714.5 billion yuan.
The federation said the lack of profit growth was mostly due to last year’s high comparative base and that much higher gains are forecast for the second half, due to the launch of the “Made in China 2025” campaign.
Net profit for the whole of 2015 is set to grow by about 10 percent, on revenue gains of about 8 percent, it said.
Revenue in the private sector of the machinery industry in the first six months rose by 7.2 percent year on year, while net profit increased by 9.4 percent, the federation said, without providing absolute figures.
One of the shining lights of the first half was the performance of domestic carmakers, whose combined sales of passenger vehicles increased by almost 15 percent to 4.2 million cars.
Investment in the machinery industry in the period rose 9.6 percent year on year to 2.18 trillion yuan, of which the amount used for technological upgrades increased by almost 23 percent to 565.6 billion yuan, it said.
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