China's industrial firms saw overall profits decline further in the January-October period as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity.
Profits for manufacturers were down 13.4% in the first ten months, slightly lower than the 13.2% fall in January-September.
Sectors showing the steepest declines included the petroleum, coal and fuel processing industry which saw profits tumble 70.9%. That compares with a 67.7% drop for the first nine months.In the mining sector, profits grew 60.4% in January-October compared with a 76.0% gain for the first nine months. Analysts from Nomura expect fourth-quarter GDP to shrink 0.3% from the preceding three months, and cut their fourth-quarter growth forecast on a year-on-year basis to 2.4% from 2.8%.
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