November 22 -- The construction materials industry recorded a 62 percent year-on-year increase in net profit to 188.4 billion yuan during the first three quarters, reports Shanghai Securities News, citing the Ministry of Industry and Information Technology (MIIT).

The rate of growth was down six percentage points compared with the first six months.

Among the various sub-sectors, the cement industry posted a 134 percent year-on-year increase in net profit.

According to industry insiders, although the fourth quarter is traditionally the peak season for cement producers, it may not be the case in the fourth quarter this year.

Infrastructure construction was the major driver behind the growth in earnings posted by the cement industry.

According to data, cumulative fixed-asset investment in the first nine months rose 24.9 percent year-on-year to 21.23 trillion yuan, of which investment in real estate development accounted for 4.42 trillion yuan, up 32 percent year-on-year.