China’s industrial profits drop 2 pct in August

BEIJING, Sep 27 (XINHUA/APP):Profits of China’s major industrial firms dropped 2 percent year on year in August, data from the National Bureau of Statistics (NBS) showed Friday.This is a remarkable decline compared with the 2.6 percent rise in July.

In the first eight months, the profits of China’s major industrial firms dropped 1.7 percent to 4.02 trillion yuan (567.28 billion U.S. dollars) and the decrease rate was the same as that in the first seven months.

Specifically, profits of state-owned industrial firms dropped 8.6 percent from one year earlier to 1.21 trillion yuan, while those of private ones gained 6.5 percent to 1.13 trillion yuan year on year in the first eight months.

During the period, profits of the mining industry climbed 2.1 percent to 380.74 billion yuan, while the manufacturing industry dropped 3.2 percent to 3.3 trillion yuan.

Profits at 28 of the 41 industrial sectors surveyed rose compared with one year earlier, while 13 sectors saw their profits fall in the first eight months, according to the NBS.

The revenue of the major industrial firms, with annual revenue of more than 20 million yuan, amounted to 68.39 trillion yuan, up 4.7 percent year on year and their business costs climbed 5 percent to 57.71 trillion yuan during the period.

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