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Monday, March 27, 2017, 12:43

China industrial companies post rapid profit growth

By Xinhua
China industrial companies post rapid profit growth
A skilled worker operates a welding robot at an elevator-manufacturing company in Lianyungang, Jiangsu province. (Photo / China Daily)

BEIJING - China's major industrial firms registered a robust profit growth in the first two months, fresh evidence of a stabilizing economy, the National Bureau of Statistics (NBS) said Monday.

READ MORE: Industrial SOEs see healthy gains in 2016

In January and February, industrial enterprises reported a 31.5 percent profit increase year on year, to the value of 1.02 trillion yuan (US$148.5 billion), according to a National Bureau of Statistics (NBS) statement Monday.

The growth outpaced that in December 2016 by 29.2 percentage points, and that in 2016 by 23 percentage points.

In January and February, industrial enterprises reported a 31.5% profit increase year on year, to the value of 1.02 trillion yuan

China's major industrial firms ended their profit losses in 2015, reaping good returns in 2016 on the back of a construction boom.

NBS statistician He Ping attributed the recovery of industrial company profit in January and February to increased industrial production, raw material price increases and an uptick in profitability.

READ MORE: China's 2016 industrial profits rise most in 3 years on commodities recovery

The earnings recovery was uneven across sectors, with coal mines, oil refineries and chemicals witnessing increased profits, boosted by soaring raw material prices, according to He. 

The profitability of the main business of industrial companies edged up 0.8 percentage points year on year to 5.92 percent in January and February.

China's economy grew 6.7 percent year on year in 2016, slowing from 6.9 percent in 2015.

 
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