Profits of China’s major industrial firms increased 1.4% year on year in the first four months of the year, accelerating from a rise of 0.8% in the first quarter, official data showed. In April alone, profits of major industrial firms rose 3% compared to a year earlier, the NBS data showed. Industrial firms with an annual main business revenue of at least 20 million yuan (about US$2.78 million) saw their combined profits reach 2.12 trillion yuan during the January-April period, according to the National Bureau of Statistics (NBS).

From January to April, the main business income of textile enterprises above the designated size totaled 737.46 billion yuan, increasing by 1.4% compared with the same period of the previous year; the profit of the textile industry totaled 19.40 billion yuan, with year-on-year growth of 3.7%. While the main business income of enterprises above the designated size in the garment and accessories industry reached 373.58 billion yuan, up by 1.6% year-on-year, the profit of the garment and accessories industry reached 12.09 billion yuan, with a year-on-year decline of 12.7%.

As for the performance of leather, fur, feather, and their products and footwear industry, their main business income reached 256.16 billion yuan, increasing slightly by 0.7% year-on-year; their profit totaled 10.52 billion yuan, dropping by 3.0% year-on-year.

From January to April, the main business income of enterprises above designated size in the chemical fiber manufacturing industry was 345.12 billion yuan, down by 6.6% year-on-year, and its profit totaled 6.86 billion yuan, down by 11.7% year-on-year.

Source: CHINA TEXTILE LEADER Express