SMM News: the financial data of industrial enterprises released by the National Bureau of Statistics on July 27 show that in the first half of 2019, the profits of industrial enterprises above scale fell 2.4% compared with the same period last year, of which 3.3% fell in the first quarter and 1.9% in the second quarter, showing a narrowing trend.
The benefits of industrial enterprises in the first half of the year show the following characteristics:
First, the new profits mainly come from building materials, electricity and electrical machinery and other industries. In the first half of the year, the profits of 26 of the 41 major industrial sectors increased year-on-year, accounting for 63.4%. Among them, the main new profits were 11.9% in the building materials industry, 11.5% in the power industry, 13.0% in the electrical machinery and equipment manufacturing industry, and 16.9% in the wine, beverage and refined tea manufacturing industry. Together, these four industries have led to a 2.6 percentage point increase in the profits of industrial enterprises of all sizes and above.
Second, the profits of the consumer goods manufacturing industry have increased rapidly, and the profits of strategic emerging industries and high-tech manufacturing industries have maintained growth. In the first half of the year, profits in the consumer goods manufacturing industry increased by 7.4% over the same period last year, strategic emerging industries increased by 2.3%, and high-tech manufacturing increased by 0.4%.
Third, the profits of private enterprises have maintained growth. In the first half of the year, private sector profits rose 6.0 per cent from a year earlier.
Fourth, the asset-liability ratio has declined. At the end of June, the asset-liability ratio of industrial enterprises above size was 57.0%, down 0.3 percentage points from the same period last year. Among them, the asset-liability ratio of state-owned holding enterprises was 58.5%, down 1.1 percentage points.
Overall, industrial profits fell in the first half of the year, mainly affected by a small number of industries such as automobiles, oil processing and steel. Due to low market demand, profits in the automobile industry fell sharply by 24.9% in the first half of the year. Profits in the oil processing and iron and steel industries fell by 53.6% and 21.8%, respectively, due to rising crude oil and iron ore prices. The combined impact of the three industries on the profits of industrial enterprises above all sizes fell 6.3 percentage points compared with the same period last year.
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