Business

China industrial profits rise 20per cent y/y in June

Profits at China's industrial firms rose 20per cent in June from a year earlier to 791.8 billion yuan (US$122.27 billion), official data showed on Tuesday.

Workers load steel products for export to a cargo ship at a port in Lianyungang
Workers wearing face masks following the coronavirus disease (COVID-19) outbreak load steel products for export to a cargo ship at a port in Lianyungang, Jiangsu province, China May 27, 2020. China Daily via REUTERS/Files

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BEIJING: Profits at China's industrial firms rose 20per cent in June from a year earlier to 791.8 billion yuan (US$122.27 billion), official data showed on Tuesday.

Profit growth slowed from the 36.4per cent increase seen in May, according to the National Bureau of Statistics.

The industrial profit data covers large firms with annual revenue of over 20 million yuan from their main operations.

For the January-June period, industrial firms' profits grew 66.9per cent from the same period a year earlier to 4.2 trillion yuan.

(US$1 = 6.4757 Chinese yuan)

(Reporting by Stella Qiu and Gabriel Crossley; Editing by Ana Nicolaci da Costa)

Source: Reuters