FXWire Pro Headline | January 17 2013 8:23 EST
Quotes from Standard Chartered:
-Industrial-sector profits in China rebounded strongly in Q4-2012 on the back of China's gradual economic recovery. After eight months of year-on-year contractions, profits jumped 20.5% y/y in October and 22.8% in November; December data is not yet available.
-At the same time, sales revenue growth has accelerated to double digits, thanks to a pick-up in main business profits in nominal terms. While revenues have edged up, costs have generally been contained. As a result, the average profit margin of large Chinese industrial firms improved to around 16.3% in November from 13.4% in mid-2012. We expect industrial profits to rise 30% in 2013 on average