(JW Insights) Jul 11 -- China's major internet companies and related services companies saw notable profit increases in the first five months of the year, data from the China Academy of Information and Communications Technology showed.

Profits of these companies surged 43 percent year-on-year to RMB57.62 billion($7.99 billion) during the period, said Xinhua citing the data.

The combined business revenue of these companies stood at RMB531 billion ($73.76 billion), up 2.8 percent year-on-year.

Major internet companies and related services companies are those with an annual business revenue of at least RMB20 million ($2.78 million), said the Xinhua report.

(Li PP/Yuan XY)