China's industrial profit growth continues to slow down in Oct

Nov. 28, 2011 (China Knowledge) - The combined profit of those industrial enterprises with above R M B 20 million revenues surged 25.3% year on year to R M B 4.12 trillion in the first ten months of this year, according to statistics released by the National Bureau of Statistics on yesterday.

The growth rate was lower than the 27% increase in the first nine of this year, and was the lowest level this year.

In October, the industrial profit grew only 12.5% year on year to R M B 438.3 billion.

The profits of state-owned or state-controlled enterprises grew 16.6% year on year to R M B 1.25 trillion in the first ten months, while profits of joint-stock companies jumped 30.3% year on year to R M B 2.37 trillion during the period. Foreign-funded enterprises reaped R M B 1.07 trillion in profits in the period, 11.6% more than in the same period of last year. Privately-owned companies saw their profits surge 44.3% year on year to R M B 1.17 trillion.

The combined core business revenue of these industrial enterprises reached R M B 68.18 trillion in the first ten months, reflecting a year-on-year growth of 29.1%.

Thirty-six of the thirty-nine industrial sectors saw increases in profits during the period, and only three industrial sectors saw year-on-year declines in profit.

The oil and gas extraction industry saw profit rise 38.5% year on year amid increasing oil prices, and the ferrous metal mining and dressing industry saw profit rise 57.4%. The profit of the chemical fiber industry jumped 17.2% during the period, and that of the chemical raw material and chemical product industry surged 44.4% year on year.   

However, the oil processing, coking and nuclear fuel processing industry saw profit decline 89.8% year on year, and the telecom equipment, computer and electronic industry saw profit fall 2.3% year on year. The heat and power supplying industry saw a 0.7% increase in profit.