Profits earned by Chinese industrial companies in November fell 1.4 percent from a year earlier, marking a sixth consecutive month of decline, data from the statistics bureau showed on Sunday.
Industrial profits - which cover large enterprises with annual revenue of more than 20 million yuan from their main operations - fell 1.9 percent in the first 11 months of the year compared with the same period a year earlier, the National Bureau of Statistics said on its website.
The November profits of industrial firms have seen some improvement from the previous month. In October, profits fell 4.6 percent from a year earlier. The NBS said investment returns for industrial companies in November increased from a year earlier by 9.25 billion yuan ($1.43 billion).
The jump in November profits from the auto manufacturing and electricity sectors, up 35 percent and 51 percent from a year earlier, respectively, helped narrow overall declines, the statistics bureau said.
Mining was still the laggard sector, with profits falling 56.5 percent in the first 11 months of the year from a year earlier, the NBS data showed. Aluminium producer China Hongqiao Group said in early December it would cut annual capacity by 250,000 tonnes immediately to curb supplies.
And eight Chinese nickel producers including state-owned Jinchuan Group said they would cut production by 15,000 tonnes of metal in December and reduce output next year by at least 20 percent from this year, in a bid to lift prices from their worst slump in over a decade.