BEIJING--Profits of China's large industrial firms fell sharply in the first two months, weighed by falling producer prices and increased costs due to the coronavirus pandemic, the National Bureau of Statistics said Friday.
China's industrial profits tumbled 38.3% in the January-February period from a year ago, according to official data.
In the first two months of 2020, China's state-owned enterprises posted a 32.9% on-year decline in profits, while private firms reported a 33.6% fall.
Factory-gate prices for the automobile, electronics, chemical and electrical machinery sectors all declined, falling between 66.4% and 87.0%, weighing on profits for these sectors, the statistics bureau said.
Profits for the tobacco, oil refining, and agricultural and food processing industries rose.
The coronavirus outbreak has hurt the production and operations of industrial enterprises, and profits have dropped significantly, said Zhang Weihua, an economist with the statistics bureau.