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Industrial Firms' Profits Up 52.3 Percent: NBS Statistics

China's industrial firms saw profits surge 52.3 percent in the first eight months from the same period last year, the National Bureau of Statistics reported.

Domestic manufacturers generated a total profit of 501.5 billion yuan (US$60.4 billion) during the period. China's industrial profits grew an annual 20.6 percent in 2002, it said yesterday.

Thirty eight of the 39 industrial sectors surveyed reported rising earnings from a year earlier, the bureau said in a statement.

Among the most profitable sectors, earnings of crude oil and natural gas manufacturers rose by 35.6 billion yuan, while those of transport equipment producers, including auto-makers, rose by 24.7 billion yuan.

"Large state-owned firms like PetroChina generated stable income because of their market dominance," said Shi Lei, an analyst with Haitong Securities.

State-owned enterprises' total profits rose 66.6 percent to 253.8 billion yuan, compared with the same period in 2002.

China's economy posted a robust 8.2 percent growth in the first half, despite the impact of SARS.

In the first eight months, sales of domestic producers netted 8.57 trillion yuan, an increase of 27.7 percent.

(Shanghai Daily September 26, 2003)

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