BEIJING (Reuters) - Profits at China's industrial firms in September rose 16.3% on year to 738.74 billion yuan, following a 10.1% rise in August, even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity.
For the January-September period, industrial firms' profits grew 44.7%% year-on-year, slowing from a 49.5% increase in the first eight months of 2021, the statistics bureau said on Wednesday.
Liabilities at industrial firms rose 8.2% from a year earlier at end-September, down from 8.4% growth as of end-August.
The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.
(Reporting by Gabriel Crossley and Liangping Gao; Editing by Himani Sarkar)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.