Industrial firms with an annual main business revenue of at least 20 million yuan saw their combined profits reach 2.72 trillion yuan during the January-May period, according to the National Bureau of Statistics (NBS).
The figure represents an increase of 603.41 billion yuan compared with the total profits recorded in the January-April period. Operating revenue of these firms rose 2.7 percent year on year, and the steady growth is expected to support a continued profit recovery in the coming months, the NBS said.
In May, industrial profits fell 9.1 percent from a year earlier, snapping a two-month growth streak, official data showed.
The profit decline was due to “insufficient effective demand, declining prices of industrial products and fluctuations in short-term factors,” said NBS statistician Yu Weining in a statement.
Profits at state-owned firms dropped 7.4 percent in the first five months. Private-sector companies recorded a 0.3 percent increase and foreign firms saw a 3.4 percent rise, according to a breakdown of the official data. (Xinhua/Reuters)
