Hunan’s Industrial Companies Post Rapid Profit Growth in 2017

　　Hunan’s industrial companies above the designated scale reaped a good harvest in 2017.

　　The Hunan Provincial Statistics Bureau announced on February 3 that, in 2017, the main business revenue of Hunan’s industrial companies above the designated scale reached 3,946.39 billion CNY, a year-on-year increase of 12.4% and 4.8 percentage points higher than last year’s growth. The profits increased by 24.3% to 193.089 billion CNY, the fastest in the past six years, and 3.3 percentage points higher than the national average. The main business profit margins was 4.89%, an increase of 0.59 percentage point over the previous year, reversing the declining trends in the past four consecutive years.

　　All industrial sectors registered a good momentum of growth. In 2017, the industrial companies of the 39 main sectors made profits, and the profits of 29 sectors increased. Notable profit growths were seen in the areas of special equipment manufacturing, ferrous metal smelting and processing, chemical raw materials and chemical product manufacturing, non-metallic mineral production, and farm and sideline food processing. These five sectors contributed 16.7% growth to the provincial profit growth of the industrial companies above the designated scale.

　　The profitability of state-owned and state-holding enterprises improved greatly. In 2017, the total profit of these enterprises was 37.421 billion CNY, an increase of 58.5%. The growth was 37.3 and 57.7 percentage points faster than that in 2016 and 2015 respectively. The profitability of joint-stock firms, and foreign and Hong Kong, Macau and Taiwan enterprises increased by more than 20%.