BEIJING – The profits of main Chinese industrial companies reached 6.25 trillion yuan ($0.94 trillion) during the first 10 months of 2017, 23.3 percent more than in the same period last year, the National Bureau of Statistics (NBS) reported on Monday.
The 23.3 percent rise exceeds the 22.8 percent increase accumulated by industrial companies from January to September.
Out of the 41 companies surveyed – all with annual revenues of more than 20 million yuan – 38 reported increase in profits during the first 10 months of the year.
High-tech manufacturing companies reported the fastest growth, particularly the ones manufacturing high-end equipment and new materials that experienced a rise in profits by 29.3 percent and 29 percent, respectively, according to NBS.
Companies belonging to the sectors of coal mining and washing, ferrous metal smelting and rolling, chemical raw materials and chemical products manufacturing, as well as oil and natural gas exploitation represented 51.2 percent of the total increase in profits.
“While industrial profits maintained a relatively fast growth, improvements were made in enterprise efficiency and profitability,” said He Ping, NBS analyst, in a statement reported by Xinhua news agency.
According to He, the leverage ratio of Chinese industrial companies fell during this period, especially its debt-asset ratio as October ended was 55.7 percent, half a percentage point less than the same period last year.