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China March industrial profits climb 23.8 pct y/y
April 27, 2017 / 1:43 AM / 7 months ago

China March industrial profits climb 23.8 pct y/y

BEIJING, April 27 (Reuters) - Profits earned by China’s industrial firms rose 23.8 percent in March from a year earlier, slowing from previous months, the statistics bureau said on Thursday.

Profits in March rose to 688.7 billion yuan ($99.9 billion), the National Bureau of Statistics (NBS) said on its website.

Industrial profits climbed 28.3 percent in the first quarter from a year earlier to 1.7 trillion yuan, slowing from growth of 31.5 percent in the first two months.

A construction boom in China has helped spur sales and prices of building materials, reviving profits for long-ailing “smokestack” industries such as steel mills and smelters. But some analysts say producer price inflation is peaking, which could temper profitability and new investment later this year.

Chinese industrial firms’ liabilities rose 6.6 percent from a year earlier as of end-March, compared with an increase of 6.6 percent in the first two months of 2017.

The data covers large enterprises with annual revenues of more than 20 million yuan from their main operations. ($1 = 6.8916 Chinese yuan) (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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