Industrial net earnings climb 14%
Print Edition
Major Chinese industrial firms saw their profits rise 13.5 percent year on year in the first three quarters, a faster pace than the 12.8-percent growth rate in the January-August period, the National Bureau of Statistics said yesterday.
From January to September, industrial firms with annual revenues above 20 million yuan (US$3.26 million) posted total profits of 4.05 trillion yuan, the bureau said in a statement.
In September, profits of the firms surveyed grew 18.4 percent from a year ago to 558.89 billion yuan, down from the 24.2-percent growth seen in August but up from July’s 11.6 percent, the bureau said.
He Ping, an analyst with the bureau, cited growing sales, rising manufacturer’s price and falling unit costs as the drivers behind the steady growth in industrial profits.
Companies saw revenues from main business rise 11.9 percent year on year in September, up 1.6 percentage points faster than August’s growth, while the manufacturer’s price fell at a slower pace year on year and unit costs declined, He explained.
However, He said the companies saw the rise in their investment returns slowed from the growth rate of September’s total profits from the previous month’s level.
The investment returns of the companies gained 9.5 percent year on year in September, down 20.1 percentage points from August, He said.
Among the 41 industries surveyed, 36 posted year-on-year profit growth in September, while five saw their profits decline.
The coal mining and washing industry ended a downward streak in profit growth in September, while the power and heat production and supply industry saw a lower profit growth.
China’s economic growth accelerated to 7.8 percent in the third quarter, up from 7.5 percent in the second quarter. Growth in the first nine months was 7.7 percent, in line with market hopes and above the government’s full-year target of 7.5 percent.
But some analysts were concerned about softening growth momentum as indicated by slower expansion in industrial output, fixed asset investment and retail sales.
However, HSBC’s preliminary purchasing managers’ index for October, the earliest reading of China’s economic performance for this month, further pointed to recovery in the world’s second-largest economy.
The bank’s Its flash reading for the manufacturing PMI rose to 50.9 in October, the highest since April, compared with a final reading of 50.2 for September, the bank said in a report on Thursday.
Qu Hongbin, chief China economist with HSBC, said the momentum of consolidated growth is likely to continue in the coming months.
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