China's industrial profits rose 15.5% from a year earlier to 470.55 billion yuan in May; the growth rate was much faster than the 9.3% in the previous month, the National Bureau of Statistics said.
Four industries – power generation, automotive manufacturing, electronics manufacturing and oil refining – contributed 98.5% of the total industrial profit increase in May from a year earlier, the bureau said.
The power generation industry recorded faster profit growth due to lower coal costs. It posted a 24.93 billion yuan profit in May.
Automotive manufacturing recorded faster profit growth due to strong vehicle sales and increased sales of luxury vehicles. The industry posted a 40 billion yuan profit in May.
Electronics manufacturing recorded faster profit growth due to strong sales volume (+15% year on year) and a huge reduction in financial expenses (-71.8% year on year). The industry posted a 21.47 billion profit in May.
Oil refining posted a 720 million yuan profit in May due to cheaper crude oil, reversing a 7.75 billion yuan loss seen a year earlier.
In the first five months of 2013, China's industrial profits totaled 2.08 trillion yuan, up 12.3% from the same period of the year before. The growth rate was 0.9 percentage points faster than in the first four months combined.
Between January and May, industrial profits from state-owned firms were up 3.3% to 576.39 billion yuan; industrial profits from foreign-funded firms were up 14.7% to 493.38 billion yuan; industrial profits from the private sector were up 17.9% to 669.69 billion yuan.
Compared with the same period in 2012, 33 of the 41 industries reported profit increases in January-May, 6 industries reported profit declines, 1 industry reversed losses to profits and 1 industry reported a smaller loss.
All industrial firms' operating revenue grew 11.9% year on year to 38.87 trillion yuan January-May, with a 6% gross margin.
The data were based on companies that post at least 20 million yuan in annual revenues.
Gross Profits by Selected Industry, Billion Yuan, January-May 2013
Coal mining: 91.17; -43.9%
Oil & gas exploration: 171.12; -9.8%
Ferrous mining: 29.57; +7.8%
Nonferrous mining: 25.38; -4.4%
Nonmetal mining: 11.92; +13%
Produce processing: 94.99; +11.3%
Food processing: 54.19; +25.4%
Beverage processing: 61.52; +13.7%
Tobacco processing: 60.4; +16.2%
Textiles: 62.32; +21.5%
Garments: 36.89; +15.1%
Furniture making: 11.79; +17.1%
Papermaking: 23.94; +14.2%
Oil refining: 8.91; 16.3 loss a year earlier
Chemicals making: 129.96; +10.1%
Drug making: 73.08; +17.5%
Rubber & plastics making: 57.15; +21.7%
Nonmetal mineral making: 109.43; +20%
Telecom device making: 94.52; +12.4%
Auto making: 187.65; +20%
Machinery making: 102.1; +13.2%
Electronics making: 86.96; +53.5%
Power generation: 125.96; +89.1%
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