Chinese industrial businesses saw faster growth in profits in the first seven months of this year thanks to lower costs and the country's growth-stabilizing measures, official data showed on Thursday.

Total profits of industrial companies grew 11.7 percent year-on-year to 3.34 trillion yuan ($542 billion) during the January-July period, accelerating 0.3 percentage points from the first half of the year, the National Bureau of Statistics (NBS) said.

Core business of these companies contributed to about 93.3 percent of total profits.

In July alone, industrial companies reaped combined profits of 482.33 billion yuan, which was 13.5 percent larger than a year ago. But the July growth was 4.4 percentage points lower than that in June, indicating that the momentum has yet to be consolidated.

He Ping, an NBS statistician, said measures adopted by the central government to stabilize economic growth have helped industrial firms keep steady growth in their sales revenues.

Price declines in raw materials also improved the profitability of downstream industries, He said.

In the first seven months of this year, the industrial firms' average profit margin of core business stood at 5.54 percent, down from 5.57 percent in the January-June period.

The NBS data showed that about four-fifths of the profits came from the manufacturing sector, which posted an annualized increase of 15.6 percent with a combined profit of 2.69 trillion yuan.

The mining sector saw its total profits fall by 13.2 percent year-on-year in the first seven months, narrowing from a decline of 14.6 percent in the January-June period.

Profits of State-owned industrial enterprises expanded  6.3 percent to 869.13 billion yuan, marking slower growth compared to their private or joint-stock peers.