More on the falling profits in China's industrial companies

China industrial profits data for October was out earlier

• Down 4.6% y/y, the 5ths consecutive month of declines

The data covers large enterprises (annual revenue of more than 20 million yuan from their main operations)

Comments from the National Bureau of Statistics (NBS) (via Reuters)

• The impact of foreign exchange and lower investment income on companies' profits were less pronounced in October than in prior months
• Falling sales, rising costs and hits to profit in the oil, steel and coal industries all contributed
• Mining industry lagged, profits falling 56.3 percent in the first 10 months of the year from a year earlier