China January-February industrial profit up but mired in single-digits

Profits at China's industrial firms grew at a faster pace in January-February, official data showed on Sunday, in line with other signs of momentum in the economy, although the outlook is clouded by domestic COVID-19 outbreaks and the Ukraine conflict.

Profits rose 5.0% in January-February from a year earlier, compared with a 4.2% gain reported in December, said the National Bureau of Statistics.

The growth in January-February was driven by surging profits in the energy and raw materials sectors, thanks to higher prices of commodities such as crude oil and coal.

But, downstream, monthly profit growth among other industrial firms has been weighed