China's large industrial firms with annual sales turnover of
more than five million yuan reported total profits of 968 billion
yuan (US$121 billion) in the first seven months, up 28.6 percent
from the same period last year, the National Bureau of Statistics
(NBS) said on Monday.
The rate accelerated from 28 percent in the first six months,
25.5 percent in the first five months and 21.3 percent in the first
The robust growth was primarily driven by soaring profits in
sectors such as non-ferrous metals, oil and gas production, and
transport equipment production, according to the NBS.
Non-ferrous metals firms saw their profits more than double from
the same period last year, while profits in the transport equipment
production sector jumped 55.6 percent and profits of oil and gas
went up 44.8 percent.
However, profits in the steel industry dropped 11.1 percent, due
to rising iron ore costs and declining steel prices. The oil
refinery and coking industry made a net loss of 32.7 billion yuan
(Xinhua News Agency August 22, 2006)