China’s industrial profits up 11.6% in Q1

2018-04-27
Xinhua

BEIJING — Profits of China’s major industrial firms grew at a slower pace of 11.6 percent in the first quarter of 2018, data showed on April 27.

The growth compared with a 16.1-percent increase registered for January-February.

In March alone, combined profits at industrial companies each with annual revenue of more than 20 million yuan ($3.2 million) amounted to 589.8 billion yuan, up 3.1 percent from one year earlier, according to the National Bureau of Statistics.

NBS statistician He Ping attributed the slower profit growth in March to lagging effect of the Spring Festival holiday and slower growth in industrial product prices.

Among the 41 industries surveyed, 25 posted year-on-year profit growth during the first quarter.

Combined profits of the mining industry rose 36.1 percent during the period, manufacturing expanded 8.2 percent, while those of power generation, heating, fuel gas and water supply companies rose 30.4 percent.