The combined profit of industrial enterprises with annual revenues in excess of 20 million yuan last month increased 11.5% year-on-year to 666.55 billion yuan ($95.22 billion).
According to Wind’s data, the June earnings growth rate was the highest since March 2019. In May, the increase was 6%.
During the period from January to June of this year, the profit of large industrial enterprises of the PRC decreased by 12.8% compared to the same period last year – to 2.51 trillion yuan. In January-May, the decline was 19.3%.
The profit of state-owned enterprises in China in the first half of the year fell by 28.5% (39.3% in January-May), private – by 8.8% (11% in January-May).
Decrease in profits since the beginning of this year was noted in 31 of 41 industrial sectors, including oil and gas production (by 72.6%), in the steel sector (by 40.3%), in the chemical industry (by 32.2%), non-ferrous metals (29.4%).
source: reuters.com
