BEIJING – According to the National Bureau of Statistics (NBS), profits of China's major industrial enterprises contracted 37.3% year-over-year during the first two months of 2009.

Profits of companies with an annual income exceeding 5 million yuan ($0.74 million) fell 37.3% to 219.1 billion yuan ($32.33 billion), the NBS said.

The electronic and telecommunications equipment manufacturing sector reported the biggest drop among all 39 sectors, at 96.3%.