China's industrial profits fall 2% year-on-year in August

BEIJING (Reuters) – Profits at China’s industrial firms declined 2% in August from a year earlier, the National Bureau of Statistics said on Friday.

That compares with a 2.6% gain in July and a 3.1% decline in June.

For January-August, profits were down 1.7% from a year earlier at 517.8 billion yuan ($72.62 billion), the same as a 1.7% fall in the first seven months.

Industrial firms’ liabilities increased 5.0% from a year earlier to 65.81 trillion yuan at end-August, compared with a 4.9% increase in July.

The data covers companies with more than 20 million yuan in annual revenue from their main operations.

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