Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

China's industrial profit up 7.8% in first 11 months

|Includes: OIL

Profits of China's major industrial enterprises in the first 11 months rose 7.8 percent from the same period a year ago, the National Bureau of Statistics (NBS) said Monday.

The growth rate was 2.9 percentage points higher than the corresponding period last year, when the global financial crisis started to weigh on the national economy.

The NBS did not provide industrial profit figures for the January-October and January-September periods, but said during the first eight months, industrial profits declined 10.6 percent from a year earlier.

Combined profits of major industrial enterprises with annual business revenues exceeding 5 million yuan ($732,064) was 2.6 trillion yuan from January to November, the NBS said in a statement on its website.

Profits of the country's power generators almost tripled in the first 11 months year-on-year, while profits of the chemical fiber sector almost doubled, it said.

Combined profits of oil refineries and coking plants totaled 82 billion yuan, rebounding from losses of 122.2 billion yuan in the same period last year, according to the statement.

Revenues from major businesses of these industrial enterprises rose 7.1 percent year-on-year to 47.5 trillion yuan in the first 11 months.