Date
23 May 2017
Big state-owned enterprises saw a significant drop in their profits this year in China. Photo: Bloomberg
Big state-owned enterprises saw a significant drop in their profits this year in China. Photo: Bloomberg

China industrial profits fall for sixth straight month

China’s industrial firms saw their combined profit fall 1.4 percent from a year earlier in November, marking the sixth straight month of decline, official data showed Sunday.

The November performance, however, marked some improvement from October, when profits fell 4.6 percent from a year earlier.

For the first 11 months of the year, industrial profits fell 1.9 percent compared with the same period in 2014, according to the National Bureau of Statistics (NBS).

Robust showing by the auto manufacturing and electricity sectors, whose profits surged 35 percent and 51 percent respectively last month from a year earlier, helped narrow the overall industrial profits slide, the NBS said.

“Declines in industrial profits narrowed in November, but uncertainties still exist,” Reuters quoted He Ping, an official of the Industry Department at NBS, as saying.

Profits of state-owned enterprises saw a 23 percent slump in the first 11 months this year from the same period in 2014.

Mining remained the laggard sector as its profits tumbled 56.5 percent in the period.

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