China's state-owned companies lose 58.8% of net profit over three months due to coronavirus pandemic

Source : 112 Ukraine

An unprecedented drop in state-owned companies' revenues was due to lower profits in the aviation, automotive, tourism and oil industries
17:59, 20 April 2020


Total net profits earned by enterprises owned by China’s central government during the first three months of 2020 plunged 58.8% from a year earlier, Reuters reports.

The unprecedented drop was due to profit declines in the aviation, autos, tourism and oil industries which were ravaged by the coronavirus crisis, Peng Huagang, a spokesman for the State-owned Assets Supervision and Administration Commission, told a news conference in Beijing.

China will make efforts to prevent state capital-invested firms from going bankrupt, reducing pay for workers and issuing layoffs, Peng added.

An outbreak of a new coronavirus occurred in Chinese Wuhan at the end of last year.

After 17 people died from an outbreak of coronavirus in China, the authorities of the Chinese city of Wuhan ordered to block all road and air routes. After quarantine was introduced in Hubei, preventive measures expanded dozens of cities in other regions of the country.

Related: Turkey has most coronavirus casss outside Europe and USA

As of Monday morning, April 20, Ukraine recorded 5,710 cases of coronavirus Covid-19. The Ministry of Health reports this data on Telegram channel.

According to the Public Health Center of Ukraine center, 261 cases were detected in the country per day. The number of deaths is 151, another 359 people recovered.

As we reported before, in Turkey, the number of confirmed cases of coronavirus has increased to 86,306 people, which is the highest among all countries outside Europe or the United States.

Related: Five EU countries today lift quarantine restrictions



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