China's October Industrial Profit Slips

China's industrial profit swung to a decrease in October, as net income for the top companies fell 2.1% from a year earlier, compated to a 0.4% increase for September profit, official data showed Thursday. On a year-to-date basis, the companies' profit growth slowed to 6.7% in the January-October period, compared with a 7.9% rise in the first nine months, and a 10% increase in the first eight months, the National Bureau of Statistics said. Among all the types of industrial companies, profit from state-owned and state-controlled enterprises fell 1.2% in the first 10 months from a year earlier, marking the only category of companies recording a profit drop. Meanwhile, profit from companies with overseas investment jumped 12.6%, rising the most among their peers. The mining sector posted a 20.1% year-on-year decline in profit growth from January to October, while manufacturing profit climbed 10.6%.