The profits of China’s major industrial companies dropped by 19.3 per cent year on year between January and May this year due to the impact of the COVID-19 pandemic, the National Bureau of Statistics (NBS) said.According to the NBS, industrial profits stood at 1.84 trillion yuan ($260 billion) for the first five months of the year, reports Efe news.The figure is less than the projections offered by analysts, who had predicted a 22 per cent fall in profits during this period.
The indicator is based on the results of industrial firms with annual revenues above 20 million yuan. Of the 41 industrial sectors surveyed by the NBS, 30 registered a drop in profits between January and May, one managed to retain the same profit while 10 witnessed their earnings rise.