China's industrial profits up 11.8 pct in first 11 months

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China's major industrial enterprises achieved a total profit of 6.12 trillion yuan (about 886.6 billion U.S. dollars) from January to November, up 11.8 percent year-on-year, the National Bureau of Statistics (NBS) said on Thursday.

The figure was down 1.8 percent compared with that from January to October.

In November alone, the total profits of China's major industrial enterprises with annual revenue of more than 20 million yuan (about 2.9 million U.S. dollars) fell 1.8 percent year-on-year to reach 594.75 billion yuan.

The decline in profits largely reflected slowing growth in sales and producer prices as well as rising costs, according to He Ping from the Industrial Division of NBS.

Those with more new profits were heavy industries like petroleum, steel, and building materials. Profit growth for oil and natural gas extraction, for example, more than tripled in the first eleven months of the year.

Profits earned by China's state-owned industrial enterprises saw an increase of 16.1 percent year-on-year to 1.8 trillion yuan in the January-November period while that of private companies rose 10 percent year-on-year to 1.58 trillion yuan.

The debt-asset ratios of major industrial firms dropped 0.4 percentage points year-on-year to 56.8 percent by the end of November.