BEIJING—Profits at China’s industrial firms fell at their fastest pace in two years in April as high raw material prices and supply chain chaos caused by COVID-19 curbs squeezed margins and disrupted factory activity.
Profits shrank 8.5 percent from a year earlier, swinging from a 12.2 percent gain in March, according to Reuters’ calculations based on National Bureau of Statistics (NBS) data released on Friday. The slump is the biggest since March 2020.
