Interpretation: Industrial profit growth picked up sharply in March
發(fā)布時(shí)間:[2019-4-28 15:48:35] 瀏覽量:2109次
Industrial profit growth picked up sharply in March
-- Zhu Hong, Senior Statistician, Industry Department, National Bureau of Statistics, explains the profit data of industrial enterprises from January to March 2019
Total profits of industrial enterprises above the size of the country rose 13.9 % in March 2019 from a year earlier, according to financial data released on April 27 by the National Bureau of Statistics. The growth rate rose sharply from January to February(from January to February, it fell by 14.0 % from a year earlier). Cumulative profits fell 3.3 per cent from a year earlier in March, a decline of 10.7 percentage points from January to February.
First, production and sales growth accelerated, prices stabilized and recovered, and industrial profit growth rose markedly
Growth in production and sales has accelerated markedly. In March, the added value of industries above designated size increased by 8.5 % year-on-year, and the growth rate accelerated by 3.2 percentage points from January to February. Revenue from industrial enterprises increased by 13.7 % from a year earlier, and the growth rate accelerated by 10.4 percentage points from January to February.
Industrial prices stabilized and recovered. In March, factory gate prices for industrial producers rose 0.4 per cent from a year earlier, up 0.3 percentage points from January to February, ending eight consecutive months of gains and declines. Industrial producer prices rose 0.2 per cent from a year earlier, up 0.1 percentage points from January to February. The initial estimate is that the price changes increased industrial profits by about 26.8 billion yuan from a year earlier, which contributed 4.5 percentage points more to profit growth than in January and February.
Profits in key industries such as automobiles, petroleum processing, steel and chemical industries have obviously recovered. In March, due to factors such as price reductions and the listing of new models, auto production and sales have picked up. The profit of the automotive manufacturing industry increased by 1.0 % year-on-year, reversing the 42.0 % year-on-year decline in profits from January to February; Profits in the oil processing, steel and chemical industries fell 13.9 per cent, 15.2 per cent and 3.2 per cent respectively from a year earlier, reflecting a sharp drop of 56.5, 43.8 and 24.0 percentage points from January to February, respectively, due to the rebound in industrial prices. Together, the four sectors affected profits of all industrial enterprises above designated size, up 12.8 percentage points from January to February.
In addition, factors such as the pull effect of the VAT tax reduction, the impact of the Spring Festival, the low base figure in the same period, and the increase in investment income, must also be Chengdulagao's profit growth rate.
II. Improved Benefits of Industrial Enterprises
First, the unit cost is reduced from rising to lower. In March, the cost per 100 yuan of operating income of industrial enterprises above designated size was 92.90 yuan, a decrease of 0.07 yuan year-on-year, and an increase of 0.81 yuan year-on-year from January to February.
Second, the leverage ratio continues to decrease. At the end of March, the asset-liability ratio of industrial enterprises above designated size was 57.0 %, a decrease of 0.2 percentage points year-on-year. Among them, the asset-liability ratio of state-controlled enterprises was 58.7 %, a decrease of 0.8 percentage points year-on-year.
Third, the inventory turnover of finished products is accelerated. At the end of March, the number of days of inventory turnover of finished products produced by industrial enterprises above designated size was 17.3 days, a decrease of 0.8 days year-on-year.
Fourth, profitability has picked up. In March, the profit margin of industrial enterprises above designated size was 6.13 per cent, an increase of 0.01 percentage points from a year earlier, reversing the sharp decline in the period from January to February.
