(MENAFN- QNA) Profits of Chinese industrial businesses hit 563.39 billion yuan about (92.36 billion US dollars) in September, up 0.4% year on year, the National Bureau of Statistics said on Tuesday.
Profits decreased 0.6% in August and rose 13.5% in July year on year, according to China's (Xinhua) News Agency.
NBS statistician He Ping attributed the increase to rising sales and slumping costs, as well as high profit growth in the electronics, automobile and electric machinery sectors.
Total profits of industrial companies during the first nine months reached 4.37 trillion yuan, up 7.9% year on year. However, the growth rate decelerated by 2.1% from the January-August period.
During the first nine months, 33 of the 41 sectors surveyed reported year-on-year profit rises, with seven sectors seeing drops and one remaining flat. Coal mining profits declined 47.1% year on year.
Private firms saw relatively faster profit growth at 9.7% for January-September, compared to 0.2% for state-owned enterprises.
Foreign-funded enterprises and companies with investment from Hong Kong, Macao and Taiwan posted the strongest growth in profits during the first nine months, with an increase of 13.6% year on year.
The bureau's calculations include companies with annual business revenues exceeding 20 million yuan.
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