Yangzhou realizes rapid industrial profit growth in Q1

The Yangzhou Municipal Statistics Bureau announced on May 9 that local industrial enterprises which all have their main businesses realizing an annual income of over 20 million yuan, made an aggregated profit of 12.3 billion yuan ($1.9 billion) in the first quarter of 2018, up by 23.8 percent year-on-year. 

The most dramatic growth rate compared to the other 12 cities in Jiangsu province, Yangzhou's development relied on its cutting down of mining industry loss and rapid increase of manufacturing earnings. 

Statistics showed that the city's mining industry suffered a loss of 14 million yuan in the first quarter, narrowing 660 million yuan and hence boosting the local industrial enterprises' growth of 7.7 percentage points. 

The manufacturing industry made a total profit of 12 billion yuan in Q1, up by 16.2 percent. Its automobile sector earned 549 million yuan more than last year, while the ferrous metallurgical and rolling branches realized a year-on-year profit increase of 295 million yuan.