Chinese industrial companies saw profit growth cool in June on the back of China’s economic slowdown, Bloomberg reported. The National Bureau of Statistics (NBS) on Saturday said net income increased 6.3% from a year earlier to US$82 billion (RMB502.4 billion), down from a 15.5% pace in May. Profit from main business operations fell 2.3% after an 8.8% gain the previous month, it said. The NBS cited falling demand, overcapacity and rising costs for the slowdown. The report covers companies with annual sales of US$3.26 million and more in 41 industry categories.
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