Singapore 27/06/2016 - Total profits among China's non-ferrous metal smelters and fabricators rose 13.4 percent year-on-year to 53.05 billion yuan ($7.99 billion) in January-May, according to data published by the Chinese National Bureau of Statistics (NBS) on Monday.
The growth rate picks up from the 6.6 percent increase in January-April. The January-April growth rate had marked the first time the industry's profit had grown positively after registering year-to-date declines since September 2015 and in the first quarter of this year.
Total revenue in the industry increased 2.5 percent year-on-year to 1.98 trillion yuan in the first five months of the year, close to the 2.6-percent year-on-year growth in January-April.
Meanwhile, total profits in the Chinese nonferrous metals mining sector slipped 4.9 percent year-on-year to 15.69 billion yuan in January-May. Total revenue in the sector increased 3.2 percent year-on-year to 225.05 billion yuan in the same period.
Chinese industrial profits grew 3.7 percent year-on-year to 537 billion yuan in May, versus a 4.2-percent growth in April. Year-to-May profits grew 6.4 percent year-on-year to 2.38 trillion yuan, a decline of 0.1 percentage points from growth in the first four months of the year.
The NBS’ survey includes companies with annual revenues of 20 million yuan and above.