CHINA's large industrial firms reported a steep decline in profit for October with more pressure expected from tariff hikes after US president-elect Donald Trump takes office, reports Hong Kong's South china Morning Post.
Their combined profits went down by 10 per cent year on year last month, the National Bureau of Statistics said. The total for January through October fell 4.3 per cent from the same period last year to CNY5.87 trillion (US$810.9 billion), worse than the 3.5 per cent drop recorded in the first nine months.
A loss of CNY23.3 billion was reported for steel firms in the first 10 months, while the 'petroleum, coal and other fuels' enterprises shed CNY37.7 billion in profits. In the non-metallic minerals sector, profits tumbled 49.6 per cent in the same period.
State-controlled industrial firms reported a fall of 8.2 per cent to CNY1.85 trillion, while major enterprises from foreign territories as well as Hong Kong, Macau and Taiwan posted CNY1.46 trillion in combined profits over the first 10 months, up 0.9 per cent over the same period in 2023.
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Their combined profits went down by 10 per cent year on year last month, the National Bureau of Statistics said. The total for January through October fell 4.3 per cent from the same period last year to CNY5.87 trillion (US$810.9 billion), worse than the 3.5 per cent drop recorded in the first nine months.
A loss of CNY23.3 billion was reported for steel firms in the first 10 months, while the 'petroleum, coal and other fuels' enterprises shed CNY37.7 billion in profits. In the non-metallic minerals sector, profits tumbled 49.6 per cent in the same period.
State-controlled industrial firms reported a fall of 8.2 per cent to CNY1.85 trillion, while major enterprises from foreign territories as well as Hong Kong, Macau and Taiwan posted CNY1.46 trillion in combined profits over the first 10 months, up 0.9 per cent over the same period in 2023.
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