REUTERS/Siyi Liu/File Photo Acquire Licensing RightsBEIJING, Nov 27 (Reuters) - Profits at China's industrial firms extended gains for a third month in October, adding to signs of a stabilising economy following a run of mostly upbeat data suggesting Beijing's support measures have helped bolster a tentative comeback.
For the first 10 months of 2023, profits slid 7.8% from a year earlier, narrowing from a 9% decline in the first nine months, data from the National Bureau of Statistics (NBS) showed on Monday.
"However, the volatility of profits is a sign enterprises remain highly sensitive to input costs," he added.
"The sharp slowdown of year-on-year profit growth was partly driven by a rebound in energy prices."
Industrial profits data covers firms with annual revenues of at least 20 million yuan ($2.74 million) from their main operations.
Persons:
Siyi Liu, Xu Tianchen, Joe Cash, Liz Lee, Qiaoyi Li, Sam Holmes
Organizations:
REUTERS, Rights, National Bureau of Statistics, Economist Intelligence Unit, Green Energy Technology Co, Thomson
Locations:
Dezhou, Shandong province, China, Rights BEIJING