China Oct industrial profits grow at fastest pace since Mar ’17

SINGAPORE (ICIS)–Profits generated by China’s industrial firms jumped by a sharp 28.2% on year to yuan (CNY) 642.9bn ($98bn) in October, the fastest pace since March 2017, data from the National Bureau of Statistics (NBS) showed on Friday.

NBS attributed the rally to surges in investment income and a low base in October 2019.

Profits in January-October rose by 0.7% year on year, compared with a drop of 2.4% in the January-September period.

Of the 41 sectors covered, 25 reported profits increase and 16 were on decrease.

In January-October, profits for mining industry fell by 34.5%, while manufacturing and utilities sectors posted profit expansion of 4.2% and 5.9%, respectively.

Profits of oil and gas exploration fell by 68.5%, and that for chemical raw material and finished products manufacturing were up by 2.8% in the first 10 months.

($1 = CNY6.57)

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