Profit increases at China’s industrial companies grew again in October, largely helped by firms in sectors such as mining and raw materials manufacture, reports Bloomberg. Profit for the month grew 24.6% year-on-year to RMB 818.7 billion ($128 billion), the National Bureau of Statistics said on Saturday, compared with an increase of 16.3% in September. For the first 10 months of the year, profits increased 42.2% from a year earlier to RMB 7.16 trillion.
“Operations of industrial firms have continued to improve thanks to the policies to secure supplies and stabilize prices,” Zhu Hong, a senior statistician with the statistics bureau, said in a statement accompanying the release. Profitability of consumer goods manufacturing turned positive in October with a rise of 3.6%, after plunging in recent months, Zhu said, as companies prepared for Single’s Day shopping spree.
Profits at companies in the mining industry have been soaring this year as prices of commodities from coal to oil surged. Coal production companies saw profits increased by 438% year-on-year, about 69.6% higher than the previous month, as the government urged companies to ensure supply amid a power crunch.