China's Industrial Profit Drops 37.3% in First Two Months of 2009

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Researched by Industrial Info Resources (Sugar Land, Texas)--From January to February 2009, the total profit of industrial enterprises with annual sales of more than $730,000 (5 million yuan) reached $31.99 billion, a drop of 37.3% from the same period of the previous year, the National Bureau of Statistics of China announced on March 27, 2009.

Profits of these industrial enterprises were as follows:

• state-owned and state-controlled enterprises achieved $8.28 billion, a drop of 59.2% year-on-year
• collectively owned enterprises reached $860 million, a drop of 5.9%
• cooperative enterprises gained $16.28 billion, down by 39.7%
• foreign-funded enterprises, and enterprises funded from Hong Kong, Macao and Taiwan achieved $9.05 billion, a drop of 39.3%
• private enterprises reached $10.29 billion, an increase of 3.3%.

Within these sectors, profits were as follows:

• profits of the oil and natural gas exploitation industry dropped 86.1% compared with the same period of last year
• profits of chemical industry dropped 49.3%
• profits of the building materials industry dropped 3.6%
• profits in the special purpose machine-manufacturing industry fell 13.4%
• profits of the transportation equipment manufacturing industry fell 40.4%
• profits of the electronic communication equipment manufacturing industry dropped 96.3%
• the electric power industry dropped 77.0%
• profits in the coal industry increased 15.0%
• the iron and steel industry moved to a net loss of $110 million from a total profit of $3.72 billion of last year
• the chemical fiber industry moved to a net loss of $20 million from a total profit of $180 million of last year
• the nonferrous metals industry made a net loss of $280 million from a total profit of $1.87 billion of last year
• the petroleum processing and coking industry moved to a net profit of $1.71 billion from a total loss of $2.83 billion of last year.

From January to February, the total taxes of these industrial enterprises were $47.14 billion, a year-on-year increase of 8.3%; the income of these enterprises was $884.69 billion, a drop of 3.1% year-on-year.

By the end of February, the total volume of net receivables amounted to $573.52 billion, a year-on-year increase of 7.3%; the total value of finished products reached $289.08 billion, an increase of 11.7%.

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