China's Machinery Industry Profit Down 7%
According to Guo Ya Ling, an analyst of the machinery industry with Guoshen Securities, the profit of the machinery industry in China this year will only be 25%, down 7 percentage points from last year.
Reasons for the slowdown include: the growth of sales income in the first half year of this year was 9 percentage points lower than the same period of last year; the gross profit margin in the first half year of this year dropped by 1 percentage point compared with the same period of last year due to the higher costs in materials, petroleum, electricity, transportation and labor; and a continued decrease in fixed asset investment by manufacturers in the second half of this year.
Among the different sectors within the machinery industry, those sectors producing such basic parts as containers, bearings, valves, electric machinery, general machinery and instruments are said to be likely to fall down from a high level. On the other hand, those sectors which experienced a larger slowdown in the first half year - like the engineering machinery sector - will have a slight rebound.
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