China's plastic industry logs higher profits in Jan-May

Source: Xinhua | 2020-07-06

China's plastic industry registered profit growth in the first five months of the year, data from the Ministry of Industry and Information Technology (MIIT) showed.

Manufacturers of plastic products raked in 38.04 billion yuan (about 5.39 billion U.S. dollars) in total profits in the January-May period, up 12 percent year on year, according to the MIIT.

The total operating revenue of these companies went down 9 percent from the previous year to 665.81 billion yuan during the period.

MIIT data also showed the national output of plastic products stood at 27.55 million tonnes in the first five months, decreasing by 4.2 percent year on year.

Bucking the trend, the output rose 9.2 percent year on year in May to 6.69 million tonnes.