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Industrial profits climb moderately
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China’s industrial companies posted a moderate rise in profit last month from a year earlier as the recovery in the world’s second-largest economy stabilized, and an economist said the outlook for continued profit growth looks bright.
Industrial profits expanded 15.1 percent from a year earlier to 581 billion yuan (US$94.5 billion) in October, compared with September’s 18.4 percent growth, the National Bureau of Statistics said yesterday.
Yu Jianxun, a researcher at the bureau, said a steady rise in sales helped guarantee their profitability, and the slower growth pace was largely due to a higher comparative base.
In 2012, industrial profits jumped 21.6 percent in October from 7.8 percent in September.
Zhu Haibin, chief economist for China at JPMorgan, said overall industrial profit kept growing solidly last month.
“Looking ahead, a further recovery in industrial activity and external demand as well as gradual recovery in prices will likely support industrial profits,” Zhu said.
In the first 10 months of this year, profits at China’s industrial companies rose 13.7 percent, up 0.2 percentage points from that in the first three quarters.
The state-owned industrial enterprises posted a 9.1 percent annual rise in net earnings in the first 10 months while profits at foreign-invested manufacturers jumped 16.4 percent and those of private companies climbed 17.5 percent.
Of the 41 industries tracked by the bureau, 35 saw their profit increase from January to October, led by power generation, automobile, petroleum, ferrous metal smelting and non-metallic mineral products. The profits of the five industries made up 58.1 percent of the increase in total industrial profits.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of China’s industrial sector’s vitality, eased to 50.4 in November from October’s final figure of 50.9.
A reading above 50 means expansion.
China’s gross domestic product growth accelerated to 7.8 percent in the third quarter, up from the 7.5 percent gain in the second quarter. For the year, GDP is slated to grow 7.6 percent this year and 7.4 percent in 2014, JPMorgan’s Zhu said.
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