China May Industrial Profits up 15.5% on Year06-27 11:07 Caijing
Profits of China’s industrial companies in May rose 15.5 percent from a year ago, compared with the 9.3 percent year-on-year growth for the previous month, according to the National Bureau of Statistics (NBS) Thursday.
Industrial companies covered in NBS’s report with annual revenue annual sales of 20 million yuan and above made a combined profit of 470.6 billion yuan, the NBS said.
Profits in the first five months were 12.3 percent higher from a year earlier, versus the 11.4 percent year-on-year growth reported in the same period last year.
The accelerated growth was largely driven by increased profits in power & heat production and supply, auto manufacturing, and computers, telecoms & electronics, and petroleum processing, coking & nuclear fuel processing, Yu Jianxun, an economist with the NBS, explained.
Income from main businesses in power & heat production and supply which gained 13.4billion yuan from a year earlier, was the largest contributor to the rapid rise in industrial profits.
Declining coal prices lowered the power generation cost, said Yu.
Profits in the country’s auto manufacturing rose by 8.8billion yuan due to
increased auto sales last month and a rise in percentage of high-end vehicles
sold, said Yu.
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