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China's industrial profits down 1.8% YOY in November


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China's industrial profits down 1.8% YOY in November

China's industrial profits declined by 1.8% year over year to 594.75 billion yuan in November, following a 3.6% annual increase in the prior month, National Bureau of Statistics data showed.

The profit decline reflected a rise in costs and expenses, a decrease in ex-factory prices of industrial products and the slowdown in industrial production and sales growth, according to the NBS.

In the first 11 months of 2018, industrial profits edged up by 11.8% to 6.12 trillion yuan from the same period last year. Growth from January to November was 1.8 percentage points slower than that recorded in the January-to-October period.

Profit in the mining industry in the first 11 months rose by 45.1% year over year to 527.04 billion yuan. Profit in the manufacturing industry gained 9.9% year over year to 5.20 trillion yuan, while profit in the power, heat, gas, water production and supply industry increased by 4% year over year to 391.95 billion yuan.

As of Dec. 26, US$1 was equivalent to 6.89 Chinese yuan.