China's chemical fiber industry reports output growth

BEIJING - China's chemical fiber industry registered an output increase but saw lower revenues and profits last year, official data showed.

The country's chemical fiber output reached 60.25 million tonnes, up 3.4 percent year-on-year, according to data from the Ministry of Industry and Information Technology (MIIT).

The combined operating revenue of major chemical fiber companies dropped by 10.4 percent year-on-year to 798.42 billion yuan ($123.02 billion), while profits of these enterprises shrank by 15.1 percent to 26.35 billion yuan from a year earlier, the MIIT data showed.

Major chemical fiber companies refer to those with an annual business turnover of at least 20 million yuan.