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China industrial profit growth accelerates on improved margins
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Shipping containers are seen at a port in Qingdao, in China's eastern Shandong province on April 13. The nation’s total industrial profits during the first fourth months increased 15 percent from a year earlier to 2.13 trillion yuan, Sunday’s data showed. (AFP/-)
P
rofit growth at Chinese industrial companies accelerated, snapping a streak of slowing expansion since October, as factory output remained robust.
Industrial profits rose almost 22 percent in April from a year earlier, versus a 3.1 percent increase in March and 16.1 percent in January and February combined. Total profits for the month were 576.03 billion yuan ($90.1 billion), the National Bureau of Statistics said Sunday.
The acceleration was bolstered by improved profit margins particularly at steel, chemical and auto industries and a low base in April last year, the bureau said in a separate statement. The expansion also comes as industrial output rose 7 percent last month, which exceeded forecasts.
China’s supply-side reform continues to help cut industrial companies’ costs and leverage, the bureau said. The nation’s total industrial profits during the first fourth months increased 15 percent from a year earlier to 2.13 trillion yuan, Sunday’s data showed.
