China's industrial profits down 3% in first 10 months

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A worker operates at a production line in east China's Jiangsu Province, May 27, 2022. /CFP

Profits of China's major industrial firms declined three percent year on year in the first ten months of the year, data from the National Bureau of Statistics (NBS) showed Sunday.

Industrial firms with annual main business revenue of at least 20 million yuan (about $2.8 million) 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.

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 exploration sector saw profits jump 1.1 times, while the coal mining and washing industry reported a 62-percent hike.

Senior NBS statistician Zhu Hong noted that despite the overall profit decline, the business profit structure of industrial firms continues to improve, with some firms in the midstream and downstream of the industry chain posting an evident uptick in profit margins.

Source(s): Xinhua News Agency