China July industrial profits slip 2.9%, underlining economy's weakness

A worker walks past second-hand robots used to make Audi A3s in a factory in Shanghai, on Aug 21, 2015.
A worker walks past second-hand robots used to make Audi A3s in a factory in Shanghai, on Aug 21, 2015. PHOTO: REUTERS

BEIJING (REUTERS) - Profits earned by Chinese industrial companies declined 2.9 per cent in July from a year ago, official data showed on Friday (Aug 28), underlining the weakness in the world's second-largest economy.

It was the second biggest drop in industrial profits since a total 4.2 per cent decrease in January-February. Profits were down 1 per cent in the first seven months of the year compared with the year-ago period.