NBS: China industrial firms' Jan-Feb profits rise 10% YoY
The double-digit expansion in profits over January-February reversed the 2.3% on-year drop for the whole year 2023, Mysteel Global notes.
"As (China's) macroeconomic policies take effect, market demand continuously improves, industrial production grows fast and sizable firms' profitability recovers further," Yu Weining, NBS's statistician, was quoted as saying.
Over January-February, sizable industrial enterprises saw their business revenue up 4.5% on year to Yuan 19.44 trillion, with growth higher by 3.4 percentage points than that for the full-year 2023, according to NBS.
During the first two months, 29 out of the 41 industrial sectors the Bureau tracks posted on-year gains in their profits, the NBS data show.
Among all China's profit-making industrial sectors, the electric power and heat production and supply sector achieved the highest gross profits of Yuan 97.3 billion in the first two months, surging by 69.4% on year, according to the statistics.
The coal mining and washing sector ranked second with profits totalling Yuan 95.5 billion over January-February, but the value was lower by 36.8% on year, the data found.
As for the country's ferrous mining and processing sector, its profits shot up 101.3% on year to Yuan 12.9 billion in the first two months, while the downstream steelmaking and processing sector suffered a Yuan 14.6 billion loss over the same period.
Meanwhile, the nonferrous sector, smelting and processing firms' profits climbed by 65.5% on year to Yuan 31.1 billion over January-February. However, the nonferrous mining and processing sector suffered a 25.8% on-year decline in profits to Yuan 9.6 billion during the same period.
Written by Rong Zhang, zhangronga@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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