China’s industrial profits rise 24.6% in October, year on year
Worker at small parts manufacturing factory in China

Profits of industrial firms rose at a faster pace in October, China’s Statistics Bureau said, providing a cushion for a struggling economy reeling from rising raw material prices.

Official data showed that profit in October rose 24.6 percent from a year earlier to 818.7 billion yuan ($128.1 billion), up from a gain of 16.3 percent in September.

Profits of industrial companies rose 42.2 percent year on year to 7.2 trillion yuan during the January-October period, according to “Reuters”.

The industrial profit data covers large companies with annual revenue of more than 20 million yuan from their main operations.