China’s Industrial Profits Rise 16.5% for January-May, Debt Ratio of SOE’s Declines

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The latest official data points to robust gains in the profits of Chinese industry for the first five months of 2018, as well as a marked decline in the debt ratios of state-owned industrial enterprises.

Figures released by the National Bureau of Statistics on 27 June indicate that China’s industrial enterprises above designated size saw a year-on-year increase in profits for the January-May period of 16.5%, for an acceleration of 1.5 percentage points compared to the first four months of 2018.

Year-on-year profit growth was 21.1% in May,  for an easing of 0.8 percentage points compared to April.

Declining costs and rising prices were one of the main factors behind the robust rise in industrial profits for the January-May period.

The costs and expenses for every 100 yuan of main operating revenue of industrial enterprises above designated size for the period fell by 0.35 yuan compared to the same period last year to 92.59 yuan.

The producers price of China’s industrial manufacturers saw a YoY rise of 4.1% in May, 0.7 percentage points ahead of the increase in April.

Leverage ratios have also edged lower amongst industrial enterprises above designated size, to 56.6% as of the end of May, for a year-on-year decline of 0.6 percentage points.

The debt-asset ratio of state-owned share-controlled enterprises was 59.5%, for a YoY decline of 1.5 percentage points.

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