China's Large Enterprises Enjoy 19.5% Rise in Profits in August

The profits of China's large industrial enterprises increased by 19.5 percent in year-on-year terms in August reaching 534.8 billion yuans (some $80 billion), the latest National Bureau of Statistics of China data showed on Tuesday.

BEIJING (Sputnik) — In July, the total profit amounted to 523 billion. July's year-on-year increase reached 11 percent.

The August rise is attributed to increased industrial product sales, an increase in prices, a fall in unit production costs, as well as the development of the machine, steel and oil refining industries, according to the statistical bureau.

Between January and August, profit figures grew by 8.4 percent year-on-year, totaling 4.058 trillion yuan.

In the same period, mining enterprises saw their profits fall over 70 percent, while manufacturing sector profits rose over 14 percent. Overall, 33 enterprises enjoyed rising profits and 10 suffered falling profits.

China defines large enterprises as those with a yearly revenue of over 20 million yuan.