Profits: Yuan and Percent

profits: Combined profits of industrial firms with annual revenue of more than 20 million yuan about 2.9 million US dollars amounted to 2.98 trillion yuan in the first six months, while their revenue rose 4.7 percent to 50.9 trillion yuan during the period, according to Global Times China. Specifically, profits of state-owned industrial firms dropped 8.7 percent from one year earlier to 936.88 billion yuan, while those of private ones reached 743.07 billion yuan, a 6-percent year-on-year increase. The decline quickened slightly from a fall of 2.3 percent in the January-May period. In June alone, profits of industrial firms dropped 3.1 percent from one year earlier to 601.92 billion yuan, according to the NBS. Profits at 26 of the 41 sectors surveyed rose compared with one year earlier, while 15 sectors saw their profits fall, according to the NBS. The sectors of oil and natural gas exploration, power generation and equipment manufacturing posted strong profit growth in H1, while auto production, chemicals, and computer, communication and electronics manufacturing industries saw their profits decline. In H1, auto industry saw its profits sharply down 24.9 percent, while profits in the petroleum processing and steel sectors slumped 53.6 percent and 21.8 percent respectively, dragging the overall industrial profit growth down by 6.3 percentage points, according to Zhu. Zhu Hong, an NBS senior statistician, attributed the fall in profits to the weak market demand in the auto industry and rising cost of the raw materials, including the crude oil and iron ore. (news.financializer.com). As reported in the news.