China’s major industrial firms reported a smaller profit decline in July, official data showed. Their profit totaled CNY 556.1 billion, down by 6.7% year-on-year.

Industrial firms with annual main business revenue of at least CNY 20 million (about US$ 2.78 million) saw their combined profits in July down 6.7% from a year ago, narrowing from the 8.3% drop in June, data from the National Bureau of Statistics (NBS) showed.

In the first seven months, the profits of major industrial firms reached CNY 3.94 trillion, down 15.5% year on year, narrowing by 1.3 percentage points from the first half of the year.

By industry, of the 41 industrial categories monitored by the bureau, 13 posted better performance in terms of profits during the January-July period, the NBS said.

From January to July, the operating income of textile enterprises above the designated size reached CNY 1.25 trillion, down by 4.7% compared with the same period the previous year; their operating cost was CNY 1.12 trillion, down by 4.7% year-on-year; their profit totaled CNY 32.07 billion, with a year-on-year decline of 20.3%.

The operating income of enterprises above the designated size in the garment and accessories industry reached CNY 660.01 billion, declining by 8.5% year-on-year; their operating cost was CNY 561.41 billion, down by 9.2% year-on-year; the profit of garment and accessories enterprises above the designated size reached CNY 28.75 billion, with a year-on-year decline of 6.1%.

From January to July, the operating income of leather, fur, feather and their products and footwear industry reached CNY 433.29 billion, down by 7.5% year-on-year; their operating cost was CNY 375.65 billion, down by 7.9% year-on-year; their profit totaled CNY 18.33 billion, with a year-on-year decrease of 4.5%.

The operating income of major chemical fiber firms was CNY 588.54 billion, down 1.0% year-on-year; their operating cost was CNY 550.54 billion, down by 0.5% year-on-year; their profit totaled CNY 7.74 billion, plunged by 43.4% year-on-year.

Source: CHINA TEXTILE LEADER Express