Profits at industrial companies with sales of RMB 5 million or more totaled RMB 704.5 billion (US$85 billion) in 2004's first eight months, a year on year increase of 38.5%, state media reported, quoting National Bureau of Statistics data.
Of the total, RMB 109.3 billion was generated in the oil and gas industry, which posted a 22.6% year on year increase. Iron and steel posted profits of RMB 61 billion, a 61.9% increase over the same period in 2003.
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