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China sees 20.5% growth in industrial profit in Oct

Nov. 28, 2012 (China Knowledge) - The combined profit of industrial enterprises with at least RMB 20 million revenues in China increased 20.5% YoY to RMB 500.1 billion in October this year, according to statistics released by the National Bureau of Statistics.

In the first ten months of this year, the industrial profit amounted to RMB 4.02 trillion, up 0.5% YoY.

From January to October, the profits of state-owned enterprises dropped 9.2% YoY to RMB 1.13 trillion, while profits of joint-stock companies rose 2% YoY to RMB 2.35 trillion during the period. Foreign-funded enterprises realized RMB 919.5 billion in profits in the ten-month period, 9.2% less than that in the same period of last year. Meanwhile, privately-owned companies saw their profits rise 17% YoY to RMB 1.26 trillion.

27 of the 41 industrial sectors saw increase in profits during the period, and 13 industrial sectors saw YoY declines in profit.

The agricultural and sideline foodstuffs processing industry experienced a 16.1% increase in profit, the heat and power producing and supplying industry recorded a 57.5% growth in profit and the computer, telecommunication and electronics industry realized a 10% growth. The profit of the auto manufacturing sector grew 9%.The profit of the chemical raw material and chemical product industry fell 14.3% YoY. The oil and gas industry saw profit drop 3.2% YoY. There was a YoY decline of 60.3% in profit of the ferrous metal smelting and processing industry and 0.6% 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 10.3% YoY to RMB 73.7 trillion in the period.

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