MNI DATA IMPACT: China July Industrial Profits Rise 3.1% Y/y

     BEIJING (MNI) - The combined profits made by China's largest industrial

companies in July reversed the falling trend of the previous month, data

released by the National Bureau of Statistics (NBS) Tuesday showed. The

following lists key points from the data: 

     - Profits of companies tracked by the NBS rose 2.6% y/y after falling 3.1%

in June. Accumulated profits in the first seven months improved to a 1.7%

reduction y/y from the 2.4% decline in Jan-June.

     - Improved profits in four industries including petroleum processing,

electrical machinery, chemical and automobile manufacturing dragged up the

headline profit growth by 5.3 percentage points, according to the NBS.

     - Profits made by petroleum processing corporates fell by 28.1% y/y in

July, narrowing the losses from June, helped by revenue from asset disposals and

the falling price of crude oil. Profits from automobile manufacturing decreased

by 9.2% y/y, an improvement from June's 16.2% decline due to the low base in the

same period last year. 

     - Private enterprises' profit   rebounded sharply to a gain of 11.4% y/y,

accelerated by 9.7 pps from June.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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