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Anhui province posted a 32.4 percent year-on-year decline in industrial profits in the first two months of 2020, as local industrial enterprises were battered by the COVID-19 epidemic. Industrial firms with annual revenue of over 20 million yuan (US$2.82 million) reaped profits of 16.35 billion yuan between January and February, down 32.4 percent from the same period a year ago, according to the Bureau of Statistics of Anhui Province. Eight out of the province’s 39 industrial sectors saw profit growth despite the outbreak. State-owned companies’ profits totaled 4.38 billion yuan, down 30.7 percent year-on-year, while private companies realized profits of 5.59 billion yuan, down 30.2 percent. Joint ventures reaped profits of 14.46 billion yuan, representing a 33.1 percent year-on-year fall. Industrial enterprises founded by overseas investors, whose profits reached 1.4 billion yuan, saw a 36.5 percent decline. The mining industry raised its profits by 1.6 percent to 1.4 billion yuan in the Jan-Feb period. The manufacturing sector brought in profits of 13.79 billion yuan, down 35.4 percent. In addition, electricity, heat, gas and water production and supply industries together posted a 20.5 percent drop in profits, which hit 1.16 billion yuan. The eight profit-growing industries included the tobacco industry (133.1 percent), the ferrous metal processing industry (93.7 percent), the chemical fiber industry (90.2 percent), the ferrous metal mining industry (25.1 percent), the nonferrous metal mining industry (8.1 percent) and the pharmaceutical industry (3.3 percent).
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