China Jan-Aug industrial firms' profits up 19.4 pct yr-on-yr - stats bureau

Profits of industrial firms in China rose 19.4 pct year-on-year to 1.8685 trln yuan in the first eight months of the year, the National Bureau of Statistics (NBS) said.

The NBS said profits of state-owned and state-controlled firms rose 0.7 pct year-on-year to 677 bln yuan in the first eight months, while profits of collective entities rose 36 pct to 50.2 bln.

Profits of joint stock enterprises were up 25.9 pct to 1.0515 trln yuan, while profits of private firms rose 48.6 pct to 389.2 bln.

Profits of foreign-funded enterprises, including those from Taiwan, Hong Kong and Macau, gained 14.3 pct to 499.3 bln yuan.

The profit figures reflect the fact that many companies are included in more than one category.

Combined revenue rose 29 pct to 31.6454 trln yuan, with taxes paid by industrial firms up 26.7 pct to 1.3296 trln.

The NBS said profits in the coal sector during the period rose 142.8 pct from a year earlier, while the oil and natural gas exploration industry saw profits climb 54.7 pct.

Profits of non-ferrous metals companies fell 7.4 pct, while profits of steel firms rose 31.5 pct.

Profits in the chemical industry rose 32.0 pct, while electric power firms' profits fell 81.6 pct.

The oil processing and coking sectors lost a combined 96.1 bln yuan compared with a net profit of 32.3 bln a year earlier.

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