China’s industrial profit growth slows for sixth month in Aug By Reuters

© Reuters. FILE PHOTO: An worker inspects a circuit board on the controller manufacturing line at a Gree manufacturing unit, following the coronavirus illness (COVID-19) outbreak in Wuhan, Hubei province, China August 16, 2021. China Day by day by way of REUTERS

BEIJING (Reuters) – Earnings at China’s industrial corporations grew at a weaker tempo in August from a yr earlier, slowing for a sixth consecutive month, as producers struggled with excessive commodity costs, COVID-19 and shortages in some key parts.

Earnings rose 10.1% on yr to 680.3 billion yuan ($105 billion) final month in contrast with a 16.4% acquire in July.

Momentum on the planet’s second-biggest economic system has weakened in latest months with its huge manufacturing sector buffeted by gathering headwinds.

Industrial manufacturing rose in August at its slackest tempo since July 2020, weighed by home COVID-19 outbreaks, excessive uncooked materials costs, a marketing campaign by Beijing to chop carbon emissions and a persistent scarcity in components reminiscent of semiconductors.

For the January-August interval, industrial corporations’ earnings rose 49.5% year-on-year to five.61 trillion yuan, slowing from a 57.3% improve within the first seven months of 2021.

Commodity costs have remained elevated in latest months, hurting the bottom-lines of many medium-sized and downstream factories.

China’s cupboard, or authorities, final week vowed to step up coverage coordination to counter challenges from sporadic coronavirus instances and excessive commodity costs.

Additional dimming the outlook for producers, China has tightened controls on energy utilization by energy-intensive corporations in latest weeks, triggering electrical energy cuts throughout areas and hurting manufacturing.

Liabilities at industrial corporations rose 8.4% on an annual foundation at end-August, up from 8.2% development as of end-July.

The commercial revenue knowledge covers massive corporations with annual revenues of over 20 million yuan from their fundamental operations.

($1 = 6.4662 )

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