Beijing: The profits of China's major industrial firms dropped by 1.7 percent year-on-year in the first eight months of 2019 on account of a downward trend in profits of state-owned conglomerates and a slump in manufacturing returns, data released by the National Bureau of Statistics showed on Friday.
China being the main industrial companies earned 4.02 trillion yuan ($563 billion) between January and August, reports Efe news.
Industrial profits declined 2 percent year-on-year in August in contrast to the 2.6 percent increase registered last month.
For the compilation of this indicator, the NBS only takes into account industrial companies with annual revenues of more than 20 million yuan. Of the 41 sectors surveyed, 28 recorded an increase in their profits, including the manufacture of electrical machinery and equipment, the production and supply of electricity and heating and the manufacture of special equipment
The remaining 13 sectors posted lower profits especially in sectors such as the processing industries of oil, coal and other fuels and the smelting and pressing of ferrous metals. (IANS)