China Jan-August industrial profits decline nearly 12% y/y

BY Reuters | ECONOMIC | 09/26/23 09:37 PM EDT

BEIJING, Sept 27 (Reuters) - Profits at China's industrial firms fell 11.7% in the first eight months from a year earlier, official data showed on Wednesday, as companies grappled with soft demand both home and abroad despite early signs of economic stabilisation.

The slide followed a 15.5% profit fall for the first seven months, National Bureau of Statistics (NBS) data showed.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations. (Reporting by Albee Zhang Editing by Shri Navaratnam)

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