Profits of regulated industrial enterprises fall 14% in January-February

Release time:

2019-03-30

According to data released by the National Bureau of Statistics on March 27, from January to February, industrial enterprises above designated size across the country achieved a total profit of 708.01 billion billion yuan, a year-on-year decrease of 14%. Among them, the total profit of state-owned holding enterprises was 222.37 billion yuan, down 24.2 percent from the same period last year; the total profit of joint-stock enterprises was 493.69 billion yuan, down 13.5 percent; the total profit of foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan was 177.37 billion yuan, down 14.5 percent; and the total profit of private enterprises was 188.95 billion yuan, down 5.8 percent.

Zhu Hong, a senior statistician at the Department of Industry of the National Bureau of Statistics, pointed out that the decline in profits in some key industries and the Spring Festival holiday are the main reasons for the decline in industrial profits. It is estimated that excluding the Spring Festival factor, the total profits of industrial enterprises above designated size are flat and slightly lower than the same period last year.

Specifically, the profits of major industries such as automobiles, petroleum processing, steel, and chemicals have declined significantly. From January to February, the ex-factory prices of industrial products in the automobile industry fell 0.4 percent year-on-year, the petroleum processing industry fell 1.3 percent, the steel industry fell 2.5 percent, and the chemical industry fell 2.3 percent. Affected by the decline in industrial product prices, the profit of the automobile industry decreased by 37.07 billion yuan year-on-year, the petroleum processing industry decreased by 31.73 billion yuan, the steel industry decreased by 29.06 billion yuan, and the chemical industry decreased by 18.88 billion yuan. The total profit growth rate of the above four industries was 14.2 percentage points. After calculation, excluding the above four industries, industrial profits above designated size increased by 0.2 year on year.

In addition, the growth rate of industrial production and sales slowed down slightly, which also affected the growth of corporate profits to a certain extent.

It is worth mentioning that the profits of the consumer goods manufacturing industry and the main equipment manufacturing industry have maintained rapid growth. Data show that from January to February, the profits of the consumer goods manufacturing industry above designated size increased by 5.8 percent year-on-year, of which the profits of the alcohol and beverage and refined tea manufacturing industry increased by 23.3 percent year-on-year, the tobacco products industry increased by 18.2 percent, the food manufacturing industry increased by 11.2 percent, and the textile, clothing and apparel industry grew by 7.6 percent, and the pharmaceutical manufacturing industry grew by 4.2 percent. Among the major equipment manufacturing industries above designated size, the profit of the special equipment manufacturing industry increased by 14% year-on-year, the electrical machinery and equipment manufacturing industry increased by 10.9, and the metal products industry increased by 8.8. Profits of small industrial enterprises above designated size increased by 1.1 percent year-on-year.

At the same time, the asset-liability ratio continued to decline. At the end of February, the asset-liability ratio of industrial enterprises above designated size was 56.9 percent, down 0.2 percentage points from the same period last year. Among them, the asset-liability ratio of state-controlled enterprises was 58.6, down 1 percentage point year-on-year, and the deleveraging effect of state-owned enterprises was obvious.

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