China January-November industrial profits up 49.4%

Industrial profits across China rose 49.4% in the first 11 months of 2010 from the same period a year earlier to 3.88 trillion yuan ($586 billion), the National Bureau of Statistics said in a statement on Monday.                

That marked a slowdown from an annual rise of 55% in the first eight months, the last time that the NBS conducted a nationwide survey of industrial performance.

The agency releases cumulative nationwide year-to-date profit data in three-month intervals ending February, May, August and November.                                           

Of the 39 sectors surveyed, all reported higher profits from a year earlier, apart from petroleum refining, coking and nuclear fuel processing, the statistics agency said.

Firms exploring for oil and natural gas reported a 65.7% increase in profits, while profits in the ferrous metals mining sector were up 110%.