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Growth in profits slows
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THE profits of Chinese industrial businesses reached 482.56 billion yuan (US$78.8 billion) in August, down 0.6 percent year on year, according to the National Bureau of Statistics.
The profit growth slowed sharply compared with the 13.5 percent growth in July.
He Ping, a bureau statistician, said the slowdown was due to rising costs and slower investment returns, which grew only 3.2 percent year on year last month.
Profit growth in the steel, chemicals and electronics sectors slowed more obviously in August, he said. Meanwhile, the high base figure from August last year also contributed to the month.
The data also showed the total profits of industrial companies during the first eight months hit 3.83 trillion yuan, up 10 percent year on year though the growth rate weakened by 1.7 percentage points from the January-July period.
From January to August, 36 of the 41 sectors surveyed reported year-on-year profit rises, with five other sectors seeing drops. Profits in coal mining shrank 46.1 percent.
Profit growth for private firms grew relatively faster at 11.4 percent for January-August, compared with 5.3 percent for state-owned enterprises.
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