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HindustanTimes Fri,29 Aug 2014

Chinese industrial profits drop for fifth month

None   September 27, 2012
First Published: 13:57 IST(27/9/2012) | Last Updated: 13:58 IST(27/9/2012)

Profits for major Chinese industrial firms continued to fall in August, weighed down by sluggish markets both at home and abroad, official data showed Thursday.

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Profits for major industrial companies, or those with annual revenues of more than 20 million yuan ($3.15 million), fell 6.2% year on year to 381.2 billion yuan in August, marking the fifth straight month of declines, the National Bureau of Statistics (NBS) said in a statement.

The figure also represented the largest monthly decrease for the past five months, reported Xinhua.

In the first eight months, profits for industrial firms fell 3.1% from a year earlier to 3.06 trillion yuan, 0.4 percentage points greater than the decrease for the first seven months.

Profits for state-run industrial enterprises, joint ventures and overseas-invested companies dropped, while private and collectively-owned firms recorded profit gains, the figures showed.

State-run firms saw profits decline 12.7% year on year in the first eight months. Private sector profits grew 15.1%.

Profits for foreign-funded companies and those from Hong Kong, Macao and Taiwan fell 12.7% year on year to 703.4 billion yuan.

Out of 41 industry categories, 24 reported year-on-year profit gains, while 16 saw profits fall and one saw a loss, the figures showed.


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