China's industrial profits up 11.6 pct in Q1

Profits of China's major industrial firms maintained a steady growth, but at a slower pace of 11.6 percent in the first quarter of 2018, data showed Friday.

The growth compares with a 16.1-percent increase registered for January-February.

A worker working in a steel factory [File Photo: IC]

In March alone, combined profits at industrial companies each with annual revenue of more than 20 million yuan (about 3.2 million U.S. dollars) amounted to 589.75 billion yuan, up 3.1 percent from one year earlier, according to the National Bureau of Statistics (NBS).

NBS statistician He Ping attributed the slower profit growth in March to lagging effect of the Spring Festival holiday and slower growth in industrial product prices.

Among the 41 industries surveyed, 25 posted year-on-year profit growth during the first quarter.

Combined profits of the mining industry rose 36.1 percent during the period, manufacturing expanded 8.2 percent, while those of power generation, heating, fuel gas and water supply companies rose 30.4 percent.