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Financial News: China Industrial Profits Decline In October

China Industrial Profits Decline In October

11/26/2019 - 22:32:00 (RTTNews)

(RTTNews) - China's industrial profits declined at a faster pace in October largely due to falling producer prices and slowdown in production and sales growth, data from the National Bureau of Statistics showed Wednesday.

Industrial profits decreased 9.9 percent on a yearly basis in October, following a 5.3 percent decrease in September. This was the third consecutive decrease.

During January to October, industrial profits logged an annual fall of 2.9 percent. Profits had decreased 2.1 percent in January to September period.

In the first ten months of October, profits in the manufacturing sector contracted 4.9 percent, while that in mining grew 2.4 percent. Profits in the utility sector surged 14.4 percent.

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