China’s Chemical Fiber Industry Reports Profit Boom in January – October

China’s chemical fiber industry registered strong expansion in the first 10 months of the year, as profits of major enterprises more than tripled from the same period last year.

Total profits of the sector’s major companies with annual primary business revenues of more than CNY 20 million surged 275.6 percent year on year to CNY 53.9 billion (about US$ 8.5 billion) in the period, according to the Ministry of Industry and Information Technology (MIIT).

The combined operating revenue of these firms stood at CNY 835.6 billion, up 31.5 percent over one year earlier.

In the January-October period, the total output of the sector rose 11.8 percent year on year to 55.71 million tons, MIIT data showed.

Source: Xinhua