China’s industrial profit rose at a slower pace in November, official data showed on Monday, as raw material producers faced lower commodity prices. Industrial profit last month rose 9.0% year-on-year, compared with a 24.6% increase in October, the National Bureau of Statistics (NBS) reported. For the period from January to November, China’s industrial profit grew 38.0% in the year.
The drop in commodity prices last month weighed on rising profits for raw material producers, but at the same time it helped boost profits for equipment and consumer goods makers, the statistics bureau said.
Consumer goods makers posted a faster rise in profits in November, thanks to a steady recovery in output and higher prices. Equipment makers in November also reversed their profit decline and showed profits rising 0.8% on the year.
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