Monday, June 30, 2008

China's industrial firms show 20.9% y/y increase in profits in first five months.

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China's industrial firms show 20.9% y/y increase in profits in first five months. According to news agency Xinhua , figures released by the National Bureau of Statistics (NBS) last Friday show that the profits of China's industrial firms amounted to CNY 1.09tn in the first five months of the year, representing a y/y growth of 20.9%, or 21.2% points slower than in the corresponding period of 2007. The profits of state-owned industrial companies increased by only 1.5% y/y to CNY 424.6bn, mainly because of the weak performance in the energy and oil refining sectors. The profits of privately-owned industrial firms increased by 51% y/y and the profits of foreign-funded companies increased by 22.4% y/y.

Sovereign wealth funds

Selling short

China's industrial firms show 20.9% y/y increase in profits in first five months.

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