(Yicai Global) Oct. 27 -- China's major industrial firms posted faster profit growth in the first three quarters of the year.

Industrial companies with annual revenue of more than USD3 million (CNY20 million) reported profits of CNY5.58 trillion in the first nine months, up 22.8 percent from a year earlier, the National Bureau of Statistics (NBS) said today.

The growth was faster than the 21.6 percent in the first eight months, and the 21.2 percent in the first seven.

Among major industrial groups, the profits of state-owned enterprises; collective enterprises; joint-stock enterprises; foreign company and those backed by investors from Hong Kong, Macao and Taiwan; and private companies increased 47.6 percent, 4.3 percent, 24.6 percent, 14.5 percent, and 18.5 percent, respectively.

The profit of the mining industry was CNY369.2 billion, 4.7 times higher than last year. Manufacturing profits rose 19.6 percent to CNY4.9 trillion. The electricity, heat, gas and water production and supply industries profited CNY316.97 billion, down 18.3 percent.