Singapore 27/07/2016 - Total profits among China's non-ferrous metal smelters and fabricators rose 16.8 percent year-on-year to 67.96 billion yuan ($10.2 billion) in the first half of this year, according to data published by the Chinese National Bureau of Statistics (NBS) on Wednesday.
The latest data shows profit growth in the industry continuing to gather pace.
The profit growth in the industry improves from growths of 13.4 percent in January-May, and 6.6 percent 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 3 percent year-on-year to 2.46 trillion yuan in the first six months of the year, up from the 2.5-percent year-on-year growth in January-May.
Meanwhile, total profits in the Chinese non-ferrous metals mining sector slipped 2.5 percent year-on-year to 20.09 billion yuan in the first half. Total revenue in the sector increased 2.8 percent year-on-year to 293.27 billion yuan in the same period.
Chinese industrial profits grew 5.1 percent year-on-year to 616.31 billion yuan in June, versus a 3.7-percent growth in May. Year-to-June profits grew 6.2 percent year-on-year to 3 trillion yuan, a decline of 0.2 percentage points from growth in the first five months of the year.
The NBS’ survey includes companies with annual revenues of 20 million yuan and above.