The combined profit of major industrial enterprises in China exceeded 5.86 trillion yuan (about US$ 814 billion) in the January-October period this year, down 4.3% year on year, the National Bureau of Statistics (NBS) said. In October alone, profits decreased by 10% compared to a year earlier, significantly narrowing from a 27.1 percent drop in the previous month.

NBS statistician Yu Weining attributed the improvement to implementing existing policies and a package of incremental measures. Industrial production logged steady growth in October, and the decline in corporate profits eased markedly.

More than 60 percent of industrial sectors saw improved profitability in October compared to the previous month, according to the NBS. Among the 41 industrial categories monitored by the bureau, 27 reported faster profit growth, narrower profit declines, or a turnaround from losses to gains in October.

From January to October, the main business income of textile enterprises above the designated size totaled 1.94 trillion yuan, increasing by 4.0% compared with the same period of the previous year; the profit of the textile industry totaled 58.06 billion, with year-on-year growth of 5.3%. While the main business income of enterprises above the designated size in the garment and accessories industry reached 1.02 trillion, up by 2.1% year-on-year, the profit of the garment and accessories industry reached 46.08 billion, with a year-on-year growth of 3.2%.

As for the performance of leather, fur, feather, and their products and footwear industry, their main business income reached 695.19 billion yuan, increasing by 4.6% year-on-year; their profit totaled 36.23 billion yuan, growing by 4.5% year-on-year. From January to October, the main business income of enterprises above the designated size in the chemical fiber manufacturing industry was 953.63 billion yuan, up by 7.1% year-on-year, and its profit totaled 21.64 billion yuan, surged by 38.3% year-on-year.

Source: CHINA TEXTILE LEADER Express