Big companies in metal products, machinery and equipment sectors saw profits fall by 84.3 per cent. The automotive industry saw a 80.2 per cent profit drop, profits in the chemicals sector were down 56.5 per cent, while ferrous metal processing profits slid by 55.7 per cent over the first quarter. Among China's 41 industrial sectors, all but two reported losses: tobacco and food processing.
mandag 27. april 2020
Coronavirus: China’s industrial giants see profits collapse in first quarter of 2020
Profits at China’s big industrial firms collapsed in the first quarter of the year, during the country’s unprecedented coronavirus lockdown. Industrial firms saw profits fell by 36.7 per cent over the first three months, led by a massive 187.9 per cent collapse in the profitability of firms in the oil and gas industries. These firms saw a 28.5 billion yuan (US$4 billion) profit over the same period of 2019 fall to a 24.7 billion yuan loss.
Big companies in metal products, machinery and equipment sectors saw profits fall by 84.3 per cent. The automotive industry saw a 80.2 per cent profit drop, profits in the chemicals sector were down 56.5 per cent, while ferrous metal processing profits slid by 55.7 per cent over the first quarter. Among China's 41 industrial sectors, all but two reported losses: tobacco and food processing.
Big companies in metal products, machinery and equipment sectors saw profits fall by 84.3 per cent. The automotive industry saw a 80.2 per cent profit drop, profits in the chemicals sector were down 56.5 per cent, while ferrous metal processing profits slid by 55.7 per cent over the first quarter. Among China's 41 industrial sectors, all but two reported losses: tobacco and food processing.
