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Central SOEs boast profit growth of 50.1%
By Pan Xiaoyi |
December 23, 2010, Thursday
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Online Edition
Online Edition
PROFITS at state-owned enterprises administered by the central government grew 50.1 percent year on year in the January-November period, reflecting the country's fast economic expansion.
The pace was faster than the 44.8 percent increase in the first 10 months.
The companies earned a combined 802.3 billion yuan (US$120 billion) in the first 11 months of this year. Revenues climbed 34.7 percent to 14.9 trillion yuan, according to the State-owned Assets Supervision and Administration Commission. The net profit and revenue figures were not available for November.
The total assets of central SOEs stood at 23.9 trillion yuan by the end of November, up 15.6 percent year on year.
The central government has been encouraging mergers and acquisitions among SOEs to enhance efficiency and boost competitiveness.
Meng Jianmin, vice secretary-general of the SASAC, said last week net profits of these companies are expected to hit a record high of more than 1 trillion yuan in 2010.
The pace was faster than the 44.8 percent increase in the first 10 months.
The companies earned a combined 802.3 billion yuan (US$120 billion) in the first 11 months of this year. Revenues climbed 34.7 percent to 14.9 trillion yuan, according to the State-owned Assets Supervision and Administration Commission. The net profit and revenue figures were not available for November.
The total assets of central SOEs stood at 23.9 trillion yuan by the end of November, up 15.6 percent year on year.
The central government has been encouraging mergers and acquisitions among SOEs to enhance efficiency and boost competitiveness.
Meng Jianmin, vice secretary-general of the SASAC, said last week net profits of these companies are expected to hit a record high of more than 1 trillion yuan in 2010.
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