China’s Industrial Profits Down 3 Percent in First 10 Months

Beijing, November 27 (QNA) – Profits of China’s major industrial firms declined 3 percent year on year in the first 10 months of the year, data from the Chinese National Bureau of Statistics (NBS) showed Sunday.

Industrial firms with annual main business revenue of at least 20 million yuan (about 2.8 million US dollars) each saw their combined profits reach about 6.98 trillion yuan in the period, the NBS said.

The combined revenues of these firms sustained growth during the period, rising 7.6 percent year on year to 111.78 trillion yuan, according to China’s News Agency (Xinhua).

A total of 19 out of 41 major industries saw growth in profits in the January-October period, the NBS said. The oil and gas exploitation sector saw profits jump 1.1 times from the same period last year, while the coal mining and washing industry reported a 62-percent hike in profits. (QNA)