Industrial Enterprise Profit Down 1.7% YoY to CNY 468.2 Bn in June

Source: National Bureau of Statistics, ChinaScope Financial (Data)

+       According to data released by the National Bureau of Statistics on July 27, profit of industrial enterprises above designated size (with annual revenue above CNY 20 million) was CNY 2.31 trillion in 12H1, down 2.2% year-on-year, the growth rate down by 0.2 percentage points (ppt) on the January-May period. Operating revenue increased 11.3% year-on-year to CNY 42.60 trillion.

+       In June, profit of industrial enterprises above designated size dropped 1.7% year-on-year to CNY 468.2 billion.

+       In 12H1, state-owned and state-controlled enterprises made CNY 690.5 billion in profit, down 10.9% year-on-year. Profit of joint-stock enterprises fell 0.4% year-on-year to CNY 1.36 trillion. Foreign-invested (including Hong Kong, Macau and Taiwan invested) enterprises made CNY 522.1 billion in profit, down 13.4% year-on-year. Profit of privately-owned enterprises increased 16.5% year-on-year to CNY 694.7 billion.

Hard hit by slowdown in the real estate sector, the industrial sector posted negative profit growth in 12H1. Loss making by state-owned enterprises continues to drag down overall industry profitability.

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