China industrial profit up but mired in single-digit growth

[superadmin]

BEIJING (March 27): Profit growth at China's industrial firms accelerated in the first two months of the year, in line with other signs of momentum in the economy, although the outlook is clouded by domestic Covid-19 outbreaks and the war in Ukraine.

Profits rose 5.0% in from a year earlier, up from a 4.2% gain in December, the National Bureau of Statistics said on Sunday.

The growth in January-February was driven by surging profits in the energy and raw materials sectors, thanks to higher prices of commodities such as crude oil and coal. January and February data are typically combined to smooth out distortions from the Lunar New Year holiday, which can fall in either month.

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