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Industrial enterprises profit to see growth in H2: analysts

(Xinhua)
Updated: 2009-07-29 15:05

Chinese industrial enterprises profit might see growth in the second half of this year due to the accelerating recovery of the economy, a senior analyst said Wednesday.

Dong Xian'an, an analyst with domestic Industrial Securities, estimated that industrial enterprise profits might bounce back to a growth of 30 percent year-on-year in the fourth quarter.

Related readings:  China's industrial output up 10.7% in June  Decline in industrial profits slows  China industrial enterprises see profits down 22.9%  Industrial output rebounds in May

Large-scale industrial enterprises in 22 Chinese provinces across the country saw their profits decline 21.2 percent year-on-year to 894.14 billion yuan ($130.91 billion) in the first half, but the decline rate was 11 percentage points lower from the first quarter, which shows signs of recovery, according to National Bureau of Statistics (NBS) figures released Tuesday.

"The production and profitability situations of these firms had improved due to the government's effective stimulus policies," said Zuo Xiaolei, an economist with Beijing-based China Galaxy Securities, adding that the profits decline rate would continue to narrow down in the second half of this year.

Profit in 27 of the total 39 industrial sectors had reported a profit increase or at least a slowdown in decline -- including the petrochemical, power generation and other sectors.

Zhang Xinfa, a senior analyst with China Galaxy Securities, said that the overall economic stabilization, the expansion of investment this year and low raw material prices helped the profit rise of industrial enterprises.

The 22 areas examined excluded Beijing, Hunan, Guangdong, Anhui, Hainan, Yunnan and other localities, according to the NBS.