In China, the profits of large industrial enterprises in August increased by 19.5%

BEIJING, Sep 27 — RIA Novosti, Ivan Bulatov. Profits of large industrial enterprises of the PRC in August in annual terms grew by 19.5%, according to data of the state statistical Bureau of China.

In July, the profits of large industrial enterprises in China grew by 11%, amounting to 523 billion yuan (79 billion US dollars). In August, the figure was 534,8 billion yuan.

According to gosstata China, revenue growth has contributed to the acceleration of sales of industrial production, the growth of prices, reduction of production costs per unit of output, the development of machine production, steel industry and oil refining.

In the period January-August total profit of large industrial enterprises in China grew by 8.4%, to 4,058 trillion yuan (about 615 billion US dollars).

It is also noted that profits of enterprises engaged in extractive industries, for the specified period decreased by 70.9 per cent; profit of companies in the manufacturing industry increased by 14.1%; profit of companies engaged in the production and supply of electricity, thermal energy and natural gas decreased by 2% compared to the same period last year.

A total of 41 large enterprises 33 — revenues grew ten — dropped.

Large companies in China are enterprises with an annual revenue exceeding 20 million yuan (3.1 million dollars).