Coronavirus: China’s industrial giants see profits collapse in first quarter of 2020

Profits at China’s big industrial firms collapsed in the first quarter of the year, during the country’s unprecedented coronavirus lockdown.Industrial firms saw profits fall by 36.7 per cent over the first three months, led by a massive 80.2 per cent profit drop in the automotive industry.In March industrial profits fell by 34.9 per cent, a slight improvement on the record plunge of 38.3 per cent in combined figures for January and February.Profits in the chemicals sector were down 56.5 per…

from South China Morning Post https://bit.ly/3eTPFkP