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China's industrial profit surges 102.6% in Q1 [Copy link] 中文

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Post time 2010-4-29 11:53:29 |Display all floors
The combined profit of industrial enterprises of the designated size and above in 24 regions in China soared 102.6% year on year to RMB 690.8 billion in the first quarter of this year, according to statistics released by the National Bureau of Statistics yesterday.

The growth rate was 21.1 percentage points lower than in the first two months of this year.

The combined operating revenue of these industrial enterprises reached RMB 11.58 trillion in the first three months, reflecting a year-on-year growth of 39.6%.

Thirty-eight of the 39 industrial sectors saw increases in profits in the first quarter. The steel industry saw profit soar nearly 34-fold, while enterprises in the power generation sector saw their profit soar by more than 15-fold year on year. The profit of the nonferrous metal smelting and pressing industry rose by a factor of nearly ten, while that of the chemical fiber industry increased nearly 9-fold.

There was a 2.9-fold year-on-year increase in profit in the oil extraction sector, 2.3-fold increase in profit in the transportation equipment industry and a 110% increase in profit in the chemical industry.


However, the tobacco industry saw profit decline 10.6% year on year. (this is a positive sign  :)   )

The 24 regions include all of China's provinces, municipalities and autonomous regions except Inner Mongolia, T.   b., Hunan, Guangdong, Hainan, Yunnan and Chongqing.

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Post time 2010-4-29 13:49:03 |Display all floors

But abnormally

China's stock index has hit to 7 months low,

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Post time 2010-4-29 13:51:09 |Display all floors

And

share prices for many mainstay industries like steel, energy, power has slumpped to hell bottom

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Post time 2010-4-29 14:01:19 |Display all floors
This can be easily explained. Just have a look at all Euro markets as well as the NIKKEI, Hang Seng or markets in SE Asia. There is much fear that the Greece crisis will spread to other European countries and the world economy gets another blow. The Euro is dropping as we speak because people are investing into JPY. A stronger JPY further weakens Japan's economy and so on. There are also fears that a weaker EUR could delay a possible mild revaluation of the CNY. Presently markets more reflect anxiety than industrial performance. Of course this could reverse anytime again. Stock and bond markets are on a roller coaster.

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Post time 2010-4-29 15:08:03 |Display all floors
Thirty-eight of the 39 industrial sectors saw increases in profits in the first quarter. The steel industry saw profit soar nearly 34-fold, while enterprises in the power generation sector saw their profit soar by more than 15-fold year on year. The profit of the nonferrous metal smelting and pressing industry rose by a factor of nearly ten, while that of the chemical fiber industry increased nearly 9-fold.
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Huadian International Power, one of the China's five biggest power generation supplier says, its profit in the first quarter has come down 60% at year on year basis, due to a high coal fuel price.  

People feel this newsletter may be a fake report otherwise the said Huadian International Poweris a big liar

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Post time 2010-4-29 15:09:57 |Display all floors
China's industrial profit surges 102.6% in Q1

how much belong to those state-owned companies? and how much belong to foreign companies in China?

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Post time 2010-4-29 15:16:36 |Display all floors
We estimate China may be not able to tackle serious problem in big-sized state-own companies which has eroded normal growth of the national economy for long years. the profitability situation in those monopoly  big-sized state-own company, have not come up but down drastically according to wide spread web news reports. and their value chain have basically collapsed, which you everybody can see in its stock performance.

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