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The net income of China's industrial companies gained traction in the first eight months, offering further evidence of economic stabilization.
Aggregate industrial profits rose 24.2 percent year-on-year in August alone to 483.2 billion yuan ($78.95 billion), more than double the growth rate of 11.6 percent in July, the National Bureau of Statistics said on Friday.
For the first eight months, industrial profits rose 12.8 percent to 3.49 trillion yuan, the NBS said on its website.
The figures come after the HSBC/Markit flash Purchasing Managers' Index for August, the earliest monthly indicator of China's industrial activity. The PMI staged its strongest rebound in six months, supported by new orders and exports.
Among the 41 industries tracked, 25 achieved profit growth and 14 reported a profit drop in the first half of the year, compared with the year-earlier period, the NBS said.
Profits from industrial companies' core businesses climbed 4.9 percent in the first eight months, slowing from 5.1 percent in the first seven months and the first-half pace of 7.2 percent.
State-owned industrial companies' profits grew 8 percent, while the profits of private-sector companies increased 16.2 percent.
Profits mainly came from three areas: the portion of the utility industry that covers electricity, heating production and supply; vehicle manufacturing and iron and steel smelting. The three sectors recorded combined profits of 35.2 billion yuan, pushing up overall profit growth by 8.2 percentage points year-on-year.
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