China's September industrial profits up 0.4%

Source: Xinhua | October 28, 2014, Tuesday |

Online Edition

PROFITS of Chinese industrial businesses hit 563.39 billion yuan (92.36 billion U.S. dollars) in September, up 0.4 percent year on year, the National Bureau of Statistics said on Tuesday.

Profits decreased 0.6 percent in August and rose 13.5 percent in July year on year.

NBS statistician He Ping attributed the increase to rising sales and slumping costs, as well as high profit growth in the electronics, automobile and electric machinery sectors.

Total profits of industrial companies during the first nine months reached 4.37 trillion yuan, up 7.9 percent year on year. However, the growth rate decelerated by 2.1 percentage points from the January-August period.

During the first nine months, 33 of the 41 sectors surveyed reported year-on-year profit rises, with seven sectors seeing drops and one remaining flat. Coal mining profits declined 47.1 percent year on year.

Private firms saw relatively faster profit growth at 9.7 percent for January-September, compared to 0.2 percent for state-owned enterprises.

Foreign-funded enterprises and companies with investment from Hong Kong, Macao and Taiwan posted the strongest growth in profits during the first nine months, with an increase of 13.6 percent year on year.

The bureau's calculations include companies with annual business revenues exceeding 20 million yuan.

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China's September industrial profits up 0.4%

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