China's steel industry sees profits head upward in Jan-Oct

 During the first ten months this year, the combined profit posted by China’s state-owned enterprises grossed 2.08433 trillion yuan, a gain of 6.1% from last year. Meanwhile, total liabilities increased 12.1% on a yearly basis to 65.5129 trillion yuan. Noticeably, the financial expense growth of state-owned enterprises still maintained over 20%, dragging down their profitability by a large margin.

At the same time, the business revenue of state-owned enterprises rose by 4.5% y-o-y to 39.3171 trillion yuan, but total cost for business operation also climbed 4.8% y-o-y to 37.97546 trillion yuan. Specially, the growth rate of expenses for sales, management and finance grow 6%, 3.3% and 18% respectively.

Industries of steel, transportation, automobile, real estate and electricity saw their profits head upward, while industries of ferroalloy, coal, chemical and petrol eyed an opposite trend in profit.

-Edited by www.Mysteel.net