Chinese industrial profits drop 5.2pc as exports slow on weak demand

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CHINA's National Bureau of Statistics has reported that profits from Chinese industrial companies plummeted to the lowest level in January and February since 2009, this was because of slowing exports and government restrictions on property, reports Bloomberg.

Net income for Chinese chemical producers, automakers and other major industrial companies fell 5.2 per cent to US$96 billion from the year earlier, in sharp contrast to its 34.3 per cent year-on-year increase for the same two-month period in 2011.

Companies in the category of oil refining, coking and nuclear fuel processing switched from profits to losses, while two other industries saw losses widen, the bureau said.

Chang Jian, an economist at Barclays Capital said the decline is "alarming" and predicted that "more policy easing should be on the way, though at a measured pace." But she noted the government is unlikely to loosen property curbs. Dariusz Kowalczyk, a strategist from Credit Agricole CIB, estimated the report may also lead to cutting interest rates and required reserves.

Source Shipping Gazette - Daily Shipping News

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