China's industrial businesses' profits up 29.7 pct in January-April

The profits of China's industrial businesses rose 29.7 percent in the first four months year-on-year to 1.49 trillion yuan (229.11 billion U.S. dollars), the National Bureau of Statistics (NBS) announced Friday.


The growth rate, however, was 2.3 percentage points lower than that in the first quarter, the NBS said in a statement on its website.


The NBS figures showed that combined revenues of the industrial firms rose 29.5 percent to 24.11 trillion yuan in the first four months from the previous year.


The report was based on a survey of industrial companies with annual sales exceeding 20 million yuan each, higher than the previous (before 2011) threshold of 5 million yuan.


Combined profits for state-owned and state-controlled companies increased 21.5 percent year-on-year to 502.9 billion yuan, while those of collective-owned companies jumped 32.9 percent to 22.3 billion yuan.


In the first four months, foreign-funded enterprises and those funded by investors from Hong Kong, Macao and Taiwan registered an annual profit hike of 18.1 percent, totaling 406.7 billion yuan, the NBS said.


Out of the 39 industries surveyed, 35 reported year-on-year profit growth in the January-April period, while three reported declines in profit growth.


The ferrous metal mining and smelting industry reported a 71.6-percent increase in profits, while the chemical fiber sector climbed 77.5 percent in the January-April period year-on-year.
(Source:http://news.xinhuanet.com)