China’s electronic information manufacturing reports lower profits

BEIJING (XINHUA) – Profits of China’s electronic information manufacturing sector declined in the first two months of 2020 as the novel coronavirus outbreak hurt the industrial chain, official data showed.

Total profits slumped 87 per cent year-on-year (y-o-y), while operating revenue dropped 14.7 per cent from a year earlier, according to a statement by the Ministry of Industry and Information Technology (MIIT).

In breakdown, profits of the communications equipment manufacturing sub-sector dived 357.3 per cent from a year earlier, while that of the computer manufacturing sub-sector went down 139.7 per cent.

In the first two months, mobile phone output fell 33.8 per cent y-o-y, with smartphone production down 32.5 per cent.

The output of laptops and tablet computers dropped 31.1 per cent and 24.5 per cent, respectively.

By the end of March, China’s manufacturing sector has steadily advanced production resumption, with 98.6 per cent of major industrial firms nationwide having restarted work, according to the MIIT.

Around 89.9 per cent of employees in industrial companies with annual revenue of more than CNY20 million (about USD2.84 million) had returned to their posts, said Vice Minister of the MIIT Xin Guobin.