Industrial profit up 13.6% in first 10 months
Print Edition
CHINA’S industrial companies posted slower but steady profit growth in the first 10 months of the year, official statistics showed yesterday.
The growth was led by gains in the oil drilling industry and the iron and steel sector.
The combined profit of the industrial companies with annual revenue of more than 20 million yuan (US$2.9 million) each went up 13.6 percent year on year in the January-October period to total 5.52 trillion yuan, 1.1 percentage points slower than the growth for the January-September period, the National Bureau of Statistics said.
In October alone, profits at major industrial firms grew by 3.6 percent year on year to 548 billion yuan, compared with an increase of 4.1 percent in September.
The slower pace was mainly due to the weaker rise in the Producer Price Index and the high base figure of profit posted a year earlier, the bureau’s statistician He Ping explained.
The cost per 100 yuan of revenue from the main business was down 0.25 yuan to 84.27 yuan in the January-October period from a year earlier, with the expense remaining unchanged at 8.32 yuan.
The leverage ratio also fell as the debt-to-asset ratio was down 0.5 percentage points to 56.7 percent at the end of October, the bureau said.
He said the debt-to-asset ratio of state-owned enterprises slipped by 1.6 percentage points from a year earlier to 59 percent.
The state-owned companies made a combined profit of 1.67 trillion yuan in the first 10 months, up 20.6 percent from the same period of last year.
Collectively owned firms, joint-stock companies, overseas-funded enterprises and private firms saw profit growth of 4.5 percent, 17.7 percent, 5.6 percent and 9.3 percent, respectively.
Among the 41 major industries surveyed, 34 posted year-on-year profit growth during the first 10 months.
Manufacturing, which accounted for 84.82 percent of the total industrial profit, saw the sector’s combined profit expand 11.5 percent from a year earlier.
Profit in the petroleum and natural gas extraction sector surged 370 percent in the January-October period, while the ferrous metal smelting and rolling processing industry reported a jump of 63.7 percent.
The mining industry’s profit surged 47.1 percent, and those of power generation, heating, fuel gas, water production and supply firms went up 6.2 percent. The non-metallic mineral products industry saw a 45.9 percent gain in profit. The electric and thermal power production and supply sector had a 6.1 percent gain.
The nonferrous metal smelting and rolling processing industry and automobile manufacturing, however, posted declines of 20.1 percent and 5.4 percent.
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