National industrial enterprises above designated size realized profits of 1,044.9 billion yuan

The statistics released by the National Bureau of Statistics show that from January to March, the profits of industrial enterprises above designated size in China reached 1,044.9 billion yuan, a year-on-year decrease of 1.3%. The profit for the month of March was 438.9 billion yuan, a year-on-year increase of 4.5%. In terms of sub-sectors, profits from the oil and natural gas exploration industry increased by 10.6% year-on-year, chemical raw materials and chemical products manufacturing decreased by 23.1%, and petroleum processing, coking, and nuclear fuel processing industries turned losses from profits for the same period. According to He Ping, Director of the Department of Economic Benefits of the Department of Industry of the National Bureau of Statistics, price factors constraining profit growth, weak product sales growth, and increased manufacturing costs are the main reasons for the decline in industrial profits in the first quarter.

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