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Chinese Industrial Profits Collapse By Most On Record

Courtesy of ZeroHedge View original post here.

China Industrial Enterprises total profits collapsed in October to CNY427.5bn from CNY575.6bn in September – a 9.9% YoY plunge, the biggest drop on record.

In fact, China's Industrial sector has seen annual declines in its profits for 4 of the last 5 months.

Source: Bloomberg

What is perhaps even more disturbing is that seasonally, this is a period where profits typically begin to accelerate. This year, they are collapsing to the lowest since July 2013 (and lowest for an October on record)…

Source: Bloomberg

“Extended deflation in producer prices is likely to keep downward pressure on profits,” Bloomberg Economist David Qu said in a note before the data.

“Looking ahead, the low base will continue to support the year-on-year comparisons.”

Additionally, Industrial firms' liabilities increased 4.9% from a year earlier to 66.74 trillion yuan at end-October, compared with a 5.4% increase at end-September.

And if you're banking on more stimulus and credit to fix this – forget it!!!

Source: Bloomberg

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