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China sees 7.8% growth in industrial profit in Sep

Oct. 29, 2012 (China Knowledge) - The combined profit of industrial enterprises with at least RMB 20 million revenues in China increased 7.8% YoY to RMB 464.3 billion in September this year, according to statistics released by the National Bureau of Statistics.

In the first nine months of this year, the industrial profit amounted to RMB 3.52 trillion, down 1.8% YoY.
From January to September, the profits of state-owned enterprises dropped 11.8% YoY to RMB 1.01 trillion, while profits of joint-stock companies dropped 0.6% YoY to RMB 2.05 trillion during the period. Foreign-funded enterprises realized RMB 809.3 billion in profits in the nine-month period, 11.4% less than that in the same period of last year. Meanwhile, privately-owned companies saw their profits rise 15.6% YoY to RMB 1.09 trillion.
26 of the 41 industrial sectors saw increase in profits during the period, and 14 industrial sectors saw YoY declines in profit.

The agricultural and sideline foodstuffs processing industry experienced a 15.2% increase in profit, the heat and power producing and supplying industry recorded a 44.6% growth in profit and the computer, telecommunication and electronics industry realized a 5.7 growth. The profit of the auto manufacturing sector grew 10.8%.The profit of the chemical raw material and chemical product industry fell 18% YoY. The oil and gas industry saw profit drop 3.5% YoY. There was a YoY decline of 68% in profit of the ferrous metal smelting and processing industry and 1.8% decline in the profit of the general-purpose equipment industry.

The oil processing, coking and nuclear fuel processing industry swung to loss in the period.

These industrial enterprises' core business revenue grew 10.2% YoY to RMB 65.72 trillion in the period.

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