(Yicai) Sept. 27 -- China's industrial profits rose last month for the first time this year after policies to boost the economy began to take effect, according to the National Bureau of Statistics.

Profits at industrial firms with annual turnover of at least CNY20 million (USD2.7 million) jumped 17.2 percent in August from a year earlier, data from the NBS showed today. Profits fell 6.7 percent in July and 8.3 percent in June.

The drop in the prices of industrial products slowed for the second consecutive month, and operating revenues grew after a three-month decline, driving up profits, said Yu Weining, an NBS statistician.

In the first eight months of the year, operating revenues slid 0.3 percent from a year ago versus a 0.5 percent drop in January-July, according to the data. The figure climbed 0.8 percent in August after falling for three months in a row.

Profits tumbled 11.7 percent in the eight months ended Aug. 31 from a year earlier, versus a 15.5 percent plunge in the first seven months.

The ex-factory prices of industrial products picked up and the cost of raw materials that had been bought earlier was low, leading to a fall in unit costs and improved profitability, Yu pointed out.

The cost per CNY100 (USD13.69) of operating income at industrial enterprises was CNY84.86 (USD11.61) last month, down 87 Chinese cents from a year ago. The operating profit margin reached 6.4 percent, up 0.9 point from a year ago, a first growth this year. It was 5.2 in July.

Among the 41 major industries, profits have grown faster, turned up, or fallen less quickly at 30 of them, the data showed.

Equipment manufacturers saw profits climb 3.6 percent in January to August from a year earlier, or 15.3 percentage points higher than the average for all sectors. Production of new energy vehicles, lithium batteries, and solar equipment surged.

Raw material suppliers had better profits after falling 43 percent in the first eight months, compared to a 51 percent drop in January to July. The consumer goods market also recovered, with profits down 12 percent in January to August, versus 13.6 percent in the first seven months.

Industrial profits recovered faster, but the total decline is still big, Yu noted. China will promote the implementation of policies, hike the supply quality, expand effective demand, and boost market confidence in the future, he added.

Editor: Martin Kadiev