China's Industrial Profits Rise 15.1% in October

(MENAFN- Qatar News Agency) Chinese industrial businesses saw their profits rise 15.1% year on year in October, slowing from 18.4% in September, official data showed on Thursday. Total profits of industrial companies with annual revenues of more than 20 million yuan (3.3 million US dollars) reached 581 billion yuan in October, the National Bureau of Statistics (NBS) said in a statement In the first 10 months, their profits rose 13.7% from the same period last year to 4.63 trillion yuan, accelerating from 13.5% in the first nine months, according to (Xinhua) news agency Among the 41 industries surveyed, 35 posted year-on-year profit growth during the January-October period, 5 saw their profit decline, while the oil refining, coking and nuclear fuel processing sector turned losses into gains, the NBS said In a breakdown, private businesses led the growth, with their combined profits up 17.5% year on year in the first 10 months, while state-run enterprises saw profits up 9.1% during the period.