RTTNews - China's industrial company profits dropped 22.9% annually in the first five months of the year to 850.2 billion yuan, the National Bureau of Statistics said Friday.

Among the industries, profits of iron and steel industry showed the steepest drop, declining 97.2% year-on-year. This was followed by a 77.9% drop in profits of non-ferrous metal smelting and rolling processing industry, while those for extraction of petroleum and natural gas dipped 75.8%.

At the same time, profits of coal and mining, architectural materials and electric power increased in the month. Moreover, the petroleum processing and coking industry showed a profit, reversing from a net loss in the previous year.

Meanwhile, profits of companies declined 37.3% in the first two months of the year.

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