China's industrial profit growth continues surge
(Xinhua)
Updated: 2006-08-22 13:51
China's large industrial firms with annual sales turnover of more than five
million yuan reported total profits of 968 billion yuan (121 billion U.S.
dollars) in the first seven months, up 28.6 percent from the same period last
year, the National Bureau of Statistics (NBS) said here on Monday.
The
rate accelerated from 28 percent in the first six months, 25.5 percent in the
first five months and 21.3 percent in the first quarter.
The robust
growth was primarily driven by soaring profits in sectors such as non-ferrous
metals, oil and gas production, and transport equipment production, according to
the NBS.
Non-ferrous metals firms saw their profits more than double
from the same period last year, while profits in the transport equipment
production sector jumped 55.6 percent and profits of oil and gas went up 44.8
percent.
However, profits in the steel industry dropped 11.1 percent,
due to rising iron ore costs and declining steel prices. The oil refinery and
coking industry made a net loss of 32.7 billion yuan (4.1 billion U.S.
dollars).
(For more biz stories, please visit Industry Updates)
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