Industrial profits rebound in March thanks to growth in IT and auto

Thanks to robust profit growth in information technology and the automotive industry, China's industrial profits in March rebounded, though many industries are still slumping.

Profit generated from major industrial enterprises with an annual revenue of more than 20 million yuan ($3.2 million) reported a 10.7 percent year-on-year growth in March, according to the National Bureau of Statistics on Sunday, a strong rebound from the 9.4 percent growth in January and February.

March's figure pulled the first-quarter industrial profits up to 1.29 trillion yuan, up 10.1 percent from a year earlier.