China's industrial profits rose 24.2% from a year earlier to 483.17 billion yuan in August, with the growth accelerating further from the 11.6% rate recorded in the previous month, the National Bureau of Statistics said.

The sharp increase in profits was due to a low base a year earlier, higher revenue and lower operating costs. Operating expenses for every 100 yuan in revenue fell by 0.79 yuan in July to 86.28 yuan in August.

The increase in industrial core profits came mainly from 3 industries: power generation, ferrous metal smelting and car making, which contributed 8.2 percentage points to the overall growth rate.

In the first 8 months of 2013, China's industrial profits totaled 3.49 trillion yuan, up 12.8% from the same period of the year before. The growth rate was 1.7 percentage points faster than in the first 7 months combined.

In the first 8 months, industrial profits from state-owned firms were up 8% year on year to 962.64 billion yuan; industrial profits from foreign-funded firms were up 16.2% year on year to 816.63 billion yuan; and industrial profits from the private sector were up 16.2% year on year to 1.1 trillion yuan.

Compared with the same period in 2012, 25 of the 41 industries reported profit increases in the first 8 months, 14 industries reported profit declines, 1 industry reversed losses to profits and 1 industry reported a smaller loss.

All industrial firms' operating revenue grew 10.9% year on year to 64.51 trillion yuan in the first 8 months, with a 5.6% gross margin.

The data were based on companies that post at least 20 million yuan in annual revenues.

Gross Profits by Selected Industries, Billion Yuan, January-August 2013
Coal mining: 132.47; -42.2%
Oil & gas exploration: 261.19; -7.4%
Ferrous mining: 54.57; -4.2%
Nonferrous mining: 38.46; -12.3%
Nonmetal mining: 20.63; +12.6%
Produce processing: 158.84; +9.9%
Food processing: 87.32; +19.5%
Beverage processing: 99.58; +10.4%
Textiles: 107.67; +18.9%
Garments: 59.95; +10.8%
Furniture making: 20.98; +16.7%
Papermaking: 40.05; +14.3%
Oil refining: 16.18; 33.78 in losses a year earlier
Chemicals making: 216.5; +9.2%
Pharmaceutical: 122.01; +17.7%
Rubber & plastics making: 95.17; +20.8%
Nonmetal mineral making: 198.4; +21.2%
Telecom device making: 162.63; +12.3%
Auto making: 309.95; +20.4%
Machinery making: 178.33; +12.8%
Electronics making: 152.77; +29.2%
Power generation: 236.29; +70.1%

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