China's October industrial earnings rise by 28pc to 642.9b yuan

China | 27 Nov 2020 10:11 am

Profits of China's major industrial companies came in at 642.91 billion yuan (US$97.77 billion) in October, up by  28.2 percent from the year before, data from the National Bureau of Statistics showed today, state media reported.

The acceleration was mainly due to a low base in the same period last year and an increase in investment income this month, the statistics bureau said.

Zhu Hong, an economist at the bureau, cautioned that profits may come under pressure.

“We should note that the growth rate of industrial enterprises’ accounts receivable has risen, and the pressure on cash flow has increased, which bodes ill for the continuous recovery of companies’ production and operation,” Zhu said in a statement.

In September, profits climbed by 10.1 percent on-year to 646.43 billion yuan (US$96.5 billion), narrowing by 9 percentage points from August.

Earnings dropped by 36.7 percent in the first quarter, grew by 4.8 percent in the second quarter, and picked up pace at 15.9 percent in the third quarter, state statistics showed in October.


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