China’s industrial firms post steepest fall in profits in a decade

The Business Times | Mar 27, 2020 at 12:00 AM
  • An overwhelming majority of industries saw profits decline, it said, from automobiles to chemicals.
  • Manufacturing output plummeted at the sharpest pace in three decades in the first two months as the virus outbreak interrupted normal production, while factory gate prices fell more than expected in February and erased the slight recovery in January.
  • For the first two months, profits at state-owned industrial firms dropped 32.9 per cent on year, while private-sector profits fell 36.6 per cent.