China's industrial profits grow 19.5% in August

China's industrial profits rose 19.5 percent year on year to 534.8 billion yuan (about 80.3 billion U.S. dollars) in August, official data showed Tuesday.

The growth rate was faster than the 11 percent increase registered one month earlier, according to the National Bureau of Statistics (NBS).

In the first eight months of the year, industrial profits expanded 8.4 percent year on year, compared with a 6.9 percent rise during the January-July period.

The bureau's calculations include companies with annual revenues exceeding 20 million yuan.

NBS statistician He Ping said the August growth rate was the fastest monthly rate so far this year. He attributed the improvement to rising production and sales, a recovery in manufactured goods prices, lower operating costs, and a lower comparison base from last year.

During the first eight months, 33 of the 41 industrial sectors reported year-on-year profit increases, with high-tech sectors, including computers and telecommunications, posting profit increases of 19.8 percent year on year.

In contrast, electricity, energy production and the supply industry witnessed a 3.9 percent decrease in profits during the same eight-month period. Oil and gas exploitation also recorded losses.

Source : XINHUA