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China’s industrial profit falls 2.9% in July

China’s industrial profit falls 2.9% in July

BEIJING: Profits of China’s major industrial firms fell 2.9 percent year on year in July, sharply down from 0.3 percent decline posted in June, the National Bureau of Statistics (NBS) said on Friday.

Profits at industrial companies with annual revenues of more than 20 million yuan ($3.1 million) totaled 471.6 billion yuan in July.

Industrial profits of these firms dropped one percent from one year earlier to 3.3 trillion yuan in the first seven months, the NBS said. The decline widened from 0.7 percent decrease registered in the first half of the year.