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Profits of China's industrial businesses up 28.3 pct in Jan-July

(Xinhua)

13:48, August 27, 2011

BEIJING, Aug. 27 (Xinhua) -- China's industrial enterprises reported a year-on-year increase of 28.3 percent in profit the first seven months, the National Bureau of Statistics (NBS) said on Saturday.

The growth rate was slightly down from the 28.7 percent in from January to June.

Profits of the enterprises in the seven months amounted to 2.8 trillion yuan (430.77 billion U.S. dollars). The data was collected from the a pool of industrial businesses with at least 20 million yuan of annual sales revenue.

Profits of private businesses rose 46.6 percent to 760.8 billion yuan, the fastest growth compared with a 20.4 percent rise for state-owned enterprises and 14.4 percent for foreign-invested companies.

Among 39 industries surveyed, 37 sectors reported profit growth while the communications equipment, computer and other electronic products manufacturing saw profits shrink.

Non-ferrous metal mining industry posted the biggest profit gain of 58.7 percent. It is followed by a 56.6 percent rise in chemical products making.

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