China Industrial Profits Maintain Strong Growth
(Beijing) — China’s industrial companies saw their combined profits increase by 25.1% in October from a year earlier to 745.4 billion yuan ($119.9 billion), the second-highest gain since December 2011, as elevated commodity prices continued to benefit coal and other mining companies.
Earnings for the first 10 months of the year rose 23.3% year-on-year to 6.25 trillion yuan, the National Bureau of Statistics said in a statement on Monday, accelerating from a 22.8% pace in the first nine months. Revenue from main business operations rose at a much slower pace than profit, however, increasing by 12.4% year-on-year in the first 10 months, little changed from the January-September period.
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