(NBS) Profits of industrial firms in China rose at 16.3% year over year to 738.74 billion yuan or $115.72 billion in September, a further increase from a 10.1% jump in August.
For the nine months period to September, profits of industrial firms were up by 44.7% from the prior year to 6.34 trillion yuan, a slower growth compared to the 49.5% rise recorded in the eight months to August.
The gain in industrial profits happens despite rising price pressures and supply constraints. Industrial faces also faced power rations as the country tackled an energy crunch.
Profits of firms in the coal mining and washing industry were up 172.2% over the first nine months. The fuel processing industries saw earnings rise 930% over the same duration.
The profits of power firms fell by 24.6% in the first nine months, with high prices of fuel and tight coal supplies squeezing margins.
Liabilities at the industrial firms rose by 8.2% in September from the prior year, a lower increase compared to 8.4% in August.
Analysts now expect China’s central bank to shelve moves to stimulate the economy by cutting bank reserves until the first quarter of next year.
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