China industrial profits decline for 5th straight month

FXStreet (Mumbai) - The National Bureau of Statistics (NBS) said on its website, China's industrial profits - which cover large enterprises with annual revenue of more than 20 million yuan ($3.13 million) from their main operations - fell 2.0 in Oct versus a decline of 0.1% seen in Sept. While on annual basis, profits earned by Chinese industrial companies fell 4.6% last month.

As reported by Reuters, the NBS said that, “the impact of foreign exchange and lower investment income on companies' profits were less pronounced in October than in prior months. Falling sales, rising costs and hits to profit in the oil, steel and coal industries all contributed to October's disappointing industrial profits.”