MNI DATA IMPACT: China May Ind Profits Rise 1.1% Y/Y

     BEIJING (MNI) - Combined profits at China's largest industrial companies

rebounded after last month's fall, with more industries reporting increased

profits. 

     Following are the main points from data released by the National Bureau of

Statistics (NBS) Thursday. 

     - Profits made by the companies tracked by the NBS rose 1.1% y/y after a

3.7% drop posted in April. Accumulated profits for the first five months fell

2.3% y/y, but improved from the 3.4% decline in Jan-April.

     - Higher profits in May were driven by a faster sales increase, as gauged

by business revenue which rose 5.0% y/y, compared with the 0.7% y/y fall in the

previous month, and lower costs (6.2% y/y Vs 8.1% y/y), Zhu Hong, a senior

statistician with the bureau explained.

     - Profit gains by petroleum processing, equipment manufacturing and

machinery manufacturing for the first five months were a respective 24.0%, 17.7%

and 15.9%, leading growth.

     - Profits at state-owned enterprises fell 9.7% y/y, unchanged from previous

month, while joint-stock enterprises profits gained 0.4% y/y, compared with the

1.0% y/y drop posted in April.

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

--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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