China Oct industrial profits grow 24.6% y/y
BEIJING, Nov 27 (Reuters) - Profits at China's industrial firms grew at a faster pace in October, the statistics bureau said on Saturday, providing a buffer for a faltering economy battered by soaring raw material prices.
Profits in October rose 24.6% from a year earlier to 818.7 billion yuan ($128.1 billion), the official data showed, quickening from a 16.3% gain reported in September.
For the January-October period, industrial firms' profits rose 42.2% year-on-year to 7.2 trillion yuan, slower than a 44.7% rise in the first nine months of 2021.
The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations. ($1 = 6.3924 Chinese yuan renminbi)
Reporting by Albee Zhang and Brenda Goh; Editing by Sam Holmes and William Mallard
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