Profits at foreign firms in China plunge despite easing in Covid


Source: straitstimes.com straitstimes.com

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BEIJING (BLOOMBERG) - Profits at foreign industrial businesses in China showed no sign of rebound in the first five months of the year even as an easing in Covid restrictions allowed companies to resume production and improve logistics and sales. Foreign firms saw a drop of 16.1 per cent in their profits during the January-to-May period from a year earlier, a similar contraction to the first four months of the year. In contrast, profits across all industrial companies in China gained 1 per cent in the five-month period. For May alone, industrial profits fell 6.5 per cent from a year...