CHINA’S major industrial firms reported a smaller profit decline in July, official data showed yesterday.

Industrial firms with annual main business revenue of at least 20 million yuan (US$2.78 million) saw their combined profits in July down 6.7% from a year ago, narrowing from the 8.3% drop in June, data from the National Bureau of Statistics (NBS) showed.

In the first seven months, the profits of major industrial firms reached 3.94 trillion yuan, down 15.5% year on year, narrowing by 1.3 percentage points from the first half of the year.

The power, heating, gas and water production and supply sectors saw combined profits rise 38% year on year to hit 391.82 billion yuan in the first seven months.

Of the 41 industrial categories monitored by the bureau, 13 posted better performance in terms of profits during the January-July period, the NBS said.

Output of products such as photovoltaic devices, lithium-ion batteries and household air conditioners surged, helping profits of the equipment manufacturing sector increase 1.7% year on year during the first seven months.

From January to July, the profit decline of State-holding firms narrowed 0.7 percentage points from the first six months, according to the NBS.   (Xinhua)