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Profits of industrial firms in East China’s Anhui province increased at a steady pace in the first five months of the year amid recovering economic performances and growing market demand. Industrial companies with annual business turnover of over 20 million yuan (about US$3.09 million) raked in 112.5 billion yuan, up 67.7 percent year on year, according to the Bureau of Statistics of Anhui Province. Profits of major industrial firms grew 44.6 percent compared with the 2019 level. The average Jan-May growth in 2020 and 2021 reached 20.2 percent. In May alone, the profits of major industrial firms rose 36.3 percent from the same period a year ago, data showed. Profits in the mining industry reached 9.16 billion yuan, up 54.5 percent year on year, and Industrial profits for the manufacturing sector surged 76.6 percent to 98.24 billion yuan, while profits in power, heat, gas and water production and supply industry stood at 5.1 billion yuan, down 7.8 percent. Boosted by increasing market demand and prices rises for bulk commodities, the raw materials manufacturing sector posted a 76.8 percent increase in profit in May. Profits in the consumer goods manufacturing sector rocketed 72.9 percent in May. Industrial enterprises continued their recovery in May, but the recovery was not on solid foundation as many cut or suspended production and new growth drivers lacked sustainability, the bureau said. The province will step up efforts to nurture and introduce industrial projects, enhance guarantees for production factors and help enterprises with their difficulties, according to the bureau.
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