(Yicai Global) March 27 -- Profits of Chinese industrial companies above the designated size of CNY20 million (USD2.9 million) in annual revenue dropped more than 38 percent annually to almost CNY411 billion (USD58 billion) in the first two months under the impact of the Covid-19 pandemic, China's official statistics reported today show.
Among the 41 industrial sectors, profits rose in only four, while those of 37 decreased.
Those of the tobacco industry grew 31.5 percent, non-ferrous metal smelting and pressing gained over 28 percent and the oil and gas extraction sector climbed by nearly 24 percent.
Computers, communications, and other electronic equipment manufacturing were hardest hit, falling 87 percent, auto manufacturing lost almost 80 percent and electrical machinery and equipment manufacturing shed more than 68 percent.
Editor: Ben Armour