China's industrial profits rose 9.3% ¥436.68 billion ($71.31 billion) in April, with the growth rate four percentage points faster than in the previous month, the National Bureau of Statistics said.
The faster growth was primarily driven by four industries: power generation and supply, automobile manufacturing, electronics manufacturing and nonmetal mineral production, the bureau said, adding that their ¥32.78 billion combined profit increase in April from a year earlier accounted for 88.3% of total industrial profit increase.
The power generation and supply industry recorded faster profit growth due to lower coal costs; electronics manufacturing recorded faster profit growth due to a smaller amount a year earlier; automotive manufacturing recorded faster profit growth due to strong vehicle sales; nonmetal mineral production recorded faster profit growth due to strong demand for cement and a smaller amount a year earlier, according to the bureau.
In the first four months of 2013, China's industrial profits totaled ¥1.61 trillion, up 11.4% from the same period of the year before.
Between January and April, industrial profits from state-owned firms were up 2.7% to ¥456.46 billion; industrial profits from foreign-funded firms were up 9.7% to ¥376.21 billion; industrial profits from the private sector were up 17.9% to ¥517.19 billion. Compared with the first three months combined, the growth rates of earnings at state-owned firms were much slower, while foreign-funded firms and the private sector's growth rates were slightly faster.
Compared with the same period in 2012, 30 of the 41 industries reported profit increases in the January-April period, 8 industries reported profit declines and 3 industries reversed losses to profits. No industries reported losses.
Profit growths of major industries:
Food processing: +9.9%
Ferrous metal smelting: +38.6%
Telecom device manufacturing: +10.9%
Automotive making: +12.6%
Electrical machinery manufacturing: +11.9%
Electronics manufacturing: +44.8%
Power generation and supply: +92.6%
Oil and gas exploration: -7.9%
All industrial firms' operating revenue grew 11.9% year on year to ¥30.42 trillion in January-April 2013, with a 5.3% gross margin.
The data were based on companies that post at least ¥20 million in annual revenues.
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