China's industrial profits down 22.9% in Jan-May

 China's major industrial enterprises saw industrial profits drop 22.9% from a year earlier to RMB 850.2 billion in the first five months of this year, the National Bureau of Statistics (NBS) said on Friday.

The decline is less than the 37.3% drop that occurred in the first two months of this year.

State-owned enterprises earned RMB 246.7 billion in profit in the first five months of this year, down 41.5% year on year, while the profit of share-holding enterprises decreased 24.1% from a year earlier to RMB 454.3 billion. Profit of foreign-invested enterprises fell 22.4% to RMB 243 billion in the period from January to May, while profit of private enterprises rose 2.4% to RMB 230.3 billion.

During the five-month period, the petroleum processing and coking industry earned RMB 44.8 billion in profit, reversing a loss of RMB 44.9 billion in the same period last year. However, profit in the steel industry plunged 97.2%, while profit in smelting and pressing of nonferrous metals tumbled 77.9%.

Industrial enterprises realized operating revenue of RMB 18.37 trillion in the first five months of this year, reflecting a year-on-year decline of 0.8%.

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