December 03, 2008

Chinese major industries profit in 2 months up by 16.5% YoY

Xinhua reported that major industrial enterprises posted CNY 348.2 billion in profits during the first two months of this year up by 16.5% YoY from a year earlier.

National Bureau of Statistics said major industrial enterprises are defined as those with annual primary revenues of more than CNY 5 million. It said that profits of state owned companies down by 5.6% to CNY 140.5 billion y largely affected by conditions in the power and oil refining sectors.

Power utilities' profits went down by 61% YoY and oil refineries and coking plants moved to a loss of CNY 20.6 billion from a year earlier profit of CNY 15.6 billion. But some other sectors including oil and gas production, coal and construction materials saw profits surge more than 50%. Profits of steel enterprises rose 12.2% and those of chemical plants rose 16%.

The NBS also reported higher profits for private and foreign funded enterprises up by 52% and 22.5% respectively.