The Q1 earnings of state-owned companies were down 74.9% year-on-year at RMB1.24 billion while private companies yielded RMB21.48 billion, up 13.8%.
While aluminium smelters and alumina refineries remained in the red, losing RMB301.98 billion, their losses were RMB1.1 billion less than last year.
The good news was reserved for the Chinese fabricating sector where steady growth was recorded and the earnings of 4, 546 companies were up by 12.9% to RMB15.40 billion. Aluminium processing was up 10.2% at RMB6.85.
According to NBS, of the 8403 companies surveyed, 2,002 were running in the red at the end of Q1 with losses of RMB9.71, up 0.9% on the same period last year. Losses by state-owned and state-controlled businesses accounted for 53.9% of total losses and were up 1% year-on-year.
Company assets were up 16.02% year-on-year, but liabilities rose 17.05% to RMB1,891.7 billion.
Source: China Metals.