* Jan-Oct profits +0.5 pct y/y vs Jan-Sept -1.8 pct y/y
* Oct profits +20.5 pct y/y vs +7.8 pct y/y in Sep
* Power, food processing and IT sectors shine
* Petroleum refiners, coking and nuclear processors swing
BEIJING, Nov 27 Profits earned by industrial
companies leaped 20.5 percent in October over the previous year
to 500 billion yuan, accelerating from September's 7.8 percent
year-on-year increase, China's National Bureau of Statistics
(NBS) said on Tuesday.
It said China's industrial enterprises made 4 trillion yuan
($647 billion) in profits in the first 10 months of 2012, with
earnings at power generation, technology and food processing
companies seeing double digit rises in October - putting them
firmly back on the path of profit growth, following a 1.8
percent fall in profits in the first nine months of 2012 versus
The data on the NBS website, www.stats.gov.cn, is the latest
sign of a gathering rebound in activity in the world's second
biggest economy after seven successive quarters of slowing
growth, that has left China on course for its weakest year of
expansion since 1999.
Profits in power and heating supply firms led the way
higher, surging 57.5 percent in the first 10 months of the year
versus the same period in 2011. Food processing firms saw the
next strongest growth at 16.1 percent, followed by firms in the
computing and telecommunications sector, which saw profits grow
10 percent, the NBS said.
On the downside, profits of ferrous metal miners slumped
60.3 percent on the year, while those in chemical industries
fell 14.3 percent.
Petroleum refiners, coking and nuclear fuel processors
swung into loss in the first 10 months, compared with gains in
the same period of 2011, the NBS added.
The Chinese economy is expected to gather momentum in the
fourth quarter after an uptick in key economic activity
indicators in October, following encouraging signs in September,
thanks to new pro-growth policies rolled out by the government
over recent months.
The HSBC flash purchasing managers index, the earliest
indicator of China's industrial activity, saw expansion
accelerate in November for the first time in 13 months when the
index was published last week.