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MNI BRIEF: China April Industrial Profits Slump On Covid Curbs

MNI (Singapore)
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Profits at China's industrial firms fell by 8.5% y/y in April, significantly reversing a double-digit gain as Covid-19 outbreaks disrupted factory activity and squeezed margins, data released by the National Bureau of Statistics on Friday showed.

Industrial profits slowed to 3.5% y/y in the first four months, the NBS said. The NBS did not release the March monthly reading, but analysts from GF Securities estimate it grew about 14%. Covid-hit eastern and northeastern regions saw profits decline by 16.7% and 8.1%, respectively, in the first four months. Auto-making, a major sector there, dragged down manufacturing profits by 6.7 percentage points in April, according to the NBS.

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Profits at China's industrial firms fell by 8.5% y/y in April, significantly reversing a double-digit gain as Covid-19 outbreaks disrupted factory activity and squeezed margins, data released by the National Bureau of Statistics on Friday showed.

Industrial profits slowed to 3.5% y/y in the first four months, the NBS said. The NBS did not release the March monthly reading, but analysts from GF Securities estimate it grew about 14%. Covid-hit eastern and northeastern regions saw profits decline by 16.7% and 8.1%, respectively, in the first four months. Auto-making, a major sector there, dragged down manufacturing profits by 6.7 percentage points in April, according to the NBS.

Keep reading...Show less