Non-financial SOEs see profits slump
Print Edition
THE combined profits of China’s non-financial state-owned enterprises in the first four months fell 8.4 percent year on year to 652.3 billion yuan (US$99.4 billion), the Ministry of Finance said yesterday.
Revenue for the period dropped 1.7 percent to 13.5 trillion yuan, it said.
The dual dips for the January-April period were lower than the 13.8 percent and 3 percent declines recorded for the two measures in the first three months of the year, the ministry said.
Companies in the oil, chemicals and building materials sectors recorded the biggest dips in profit in the period, while transport, petrochemical and pharmaceutical companies saw the biggest gains.
The nonferrous metals, coal and steel sectors suffered more losses, the ministry said.
The combined profits of central government-owned companies in the first four months fell 6.6 percent year on year. At the local level, profits dropped 14.2 percent, compared with a 15.8 percent slump in the first quarter.
The overall dip in profits came as the government remained committed to its program of reform for SOEs as it seeks to restructure the economy.
China’s economy expanded at its slowest rate for seven years in the first quarter, while April’s economic indicators for activity in the investment, export, consumer spending and manufacturing sectors all pointed to weak momentum.
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