China's electronic info industry profit decline

BEIJING -- China's electronic information industry expanded at a slower pace during the first half of 2012, with profits falling rapidly, official data showed Monday.

Profits for major electronic information manufacturing companies, or those with annual revenues of more than 20 million yuan ($3.2 million), dropped by 14 percent year-on-year to 122.72 billion yuan during the first half, according to a statement from the Ministry of Industry and Information Technology.

The profit decline was a result of weakening orders, as the deepening eurozone debt crisis and slowing global economy have dampened demand, according to the statement.

More than 4,250 electronics manufacturers reported losses in the first six months, up 20.2 percent from a year earlier, partly because of soaring interest payments and financial expenses.

The losses rose to 33.95 billion yuan in the first half, up from 24.06 billion yuan reported during the same period last year, according to the statement.