China's industrial profits collapse further

Profits of China's big industrial companies dropped by 36.7 percent year-on-year in the first quarter due ot the deadly coronavirus in mainland China, data from the National Bureau of Statistics showed Monday.

In the first two months alone, income tanked by  38.3 percent. It was the sharpest decline since at least 2010.

This decline followed December's 6.3-percent drop, last year.  In the first two months, proficts of state-owned enterprises dropped by 32.9 percent, the profits of joint-stock companies dropped by 33.6 percent, while for private companies the figure stands at 36.6 percent.

Foreign-invested, Hong Kong, Macao and Taiwan-invested enterprises saw the biggest profit dive, 53.6 percent in the fisrth two months, state media reported at the time.