China’s industrial profits up in seven months
While profit growth among China's industries slowed considerably during the first seven months of the year, the metallurgy and mining sectors continued to make out like bandits. According to China's National Bureau of Statistics, industrial firms in China saw a 20.6 percent year-on-year increase in their cumulative profits through January-July 2005. The total profits of these companies reached RMB 743.7 billion ($91.75 billion). While such a gain in profits would make any company jealous, it represents a substantial slow down in profit growth from the previous year. Profits grew at nearly twice the rate, 39.7 percent year on year, during the first seven months of 2004. Profits of state-owned and state-controlled enterprises increased 18.5 percent and accounted for nearly half of total profits at RMB 366.1 billion ($45.17 billion). Iron and steel companies and the mining industry continued to be among the big winners during the first part of this year. Profits in the iron and steel sector were up 47.4 percent, while the coal industry saw profits soar 81.5 percent in the first seven months. Both industries were among the top five in terms of contribution to total profits.