China's large industrial enterprises saw profits drop 22.9 per cent in the first five months over the same 2008 period, according to the National Bureau of Statistics.
Total profits of large enterprises (categorised as those with revenues of more than RMB5 million yuan) was RMB850.2 bn. The state-owned and state-controlled businesses within this category saw the greatest fall, with January-May profits down 41.5 per cent year on year. The profits of listed companies fell 24.1 per cent.
Certain sectors fared better than others. While the combined profits of the electricity, coal and building materials sectors rose from 4.2 to 14.6 per cent, the oil and natural gas, steel and iron, and chemical industries saw profits fall dramatically, from 25.4 to 97.2 per cent.
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