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China's industrial profit up 20.5% in October

By Wang Yanlin (Shanghai Daily)

15:54, November 27, 2012

Profits of China's industrial companies grew for a second month in October, indicating the world's largest manufacturing base continued to stabilize.

Net earnings among Chinese industrial companies rose 20.5 percent year on year in October to 500.1 billion yuan (US$80.2 billion), the National Bureau of Statistics said this morning.

It accelerated sharply from a 7.8 percent increase in September and from a decrease of 6.2 percent in August.

In the first 10 months, the combined profit of Chinese industrial firms managed to grow 0.5 percent to 4.02 trillion yuan, reversing a 1.8 percent contraction in the first three quarters.

"It is encouraging to see China's manufacturing sector started to earn money again, which reflected recovering demand and provided foundation for more investment," said Li Maoyu, an analyst at Changjiang Securities Co.

Among the 41 industries tracked by the National Bureau of Statistics, 27 reported profit growth in the January-October period, led by the electricity industry, whose profit surged 57.5 percent.

The earnings of IT equipment manufacturers expanded 10 percent in the first 10 months, while that of automobile makers gained 9 percent.

The private sector reported a profit growth of 17 percent in the first ten months, while the earnings of foreign-funded firms and those with investment from Hong Kong, Macau and Taiwan slumped 9.2 percent. State-owned enterprises said their profits also fell 9.2 percent.

A strengthening industrial sector is also seen in the preliminary reading of the HSBC China Manufacturing Purchasing Managers' Index, which touched a 13-month high of 50.4 in November, up from 49.5 in October.

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