China’s industrial profits rise 1.1% in May after April drop

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BEIJING (Reuters) – Profits earned by China’s industrial firms rose 1.1% in May from a year earlier, bucking a months-long downtrend, the National Bureau of Statistics said on Thursday.

The May figure compared with a 3.7% fall in profits in April.

For the first five months of 2019, profits dropped 2.3% on an annual basis to 2.38 trillion yuan ($345.81 billion), compared with a 3.4% fall in the first four months.

Industrial firms’ liabilities rose 5.3% from a year earlier to 64.39 trillion yuan by end-May, down from a 5.5% rise as of end-April.

Profit growth for China’s industrial companies has been softening since the second half of 2018 as the economy slowed and producer prices weakened. The escalating U.S.-China trade war and cooling global growth have added to the pressure.

The data covers companies with annual revenue of more than 20 million yuan from their main operations.

($1 = 6.8823 Chinese yuan renminbi)

Reporting by Beijing Monitoring Desk; Editing by Kim CoghillOur Standards:The Thomson Reuters Trust Principles.

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