Posted on 28 Nov 2023
Sizable Chinese industrial enterprises saw their profits fall by 7.8% on year over January-October, smaller than the 9% on-year drop for the prior nine months, according to the latest data released by China's National Bureau of Statistics (NBS) on November 27.
During the past ten months, these industrial firms posted a total gross profit at Yuan 6.12 trillion ($854.8 billion), according to NBS. For October alone, their gross profits rose by 2.7% on year and made for the first positive on-year growth for three consecutive months.
Yu Weining, a statistician with NBS, attributed the further recovery in industrial profits to steady growth in industrial production and corporate profitability improvements stemming from the government's economic stimulus policies.
Over January-October, 18 of the 41 industrial sectors saw their profits gain on year, the NBS release showed. The country's electricity and heat power production and supply sector posted the highest on-year growth of 50.1% to reach Yuan 476.9 billion.
Among all China's profitmaking industrial sectors, the coal mining and washing sector achieved the largest gross profits in the first ten months, totalling Yuan 652.1 billion, though the total was lower by 26.6% on year, the NBS data showed.
Meanwhile, China's ferrous mining and processing sector saw its gross profits decline by 13.5% on year at Yuan 40.2 billion, while those of the steelmaking and processing sector swelled by 37% on year to reach Yuan 26.7 billion, according to NBS.
As for the country's nonferrous sector, although the smelting and processing sector posted a 3.7% on-year fall in profits at Yuan 186 billion, the total profits were much larger than the sector's upstream operation in terms of value. During the ten months, the nonferrous mining and processing sector earned Yuan 64 billion in total profits, up 4.5% on year, the NBS statistics found.
Sizable industrial enterprises across China saw their business revenue over January-October total Yuan 107.8 trillion, edging up by 0.3% on year, according to the release.
Source:Mysteel Global
