Central SOEs see profits soar
Source: Xinhua |
February 24, 2010, Wednesday
|
Print Edition
Print Edition
CHINA'S centrally-administered state-owned enterprises under the supervision of the state-owned assets watchdog saw profits grow 200 percent year on year in January, the watchdog said yesterday.
The SOEs reaped 74.33 billion yuan (US$10.88 billion) in profit last month. The figure, however, was down 14.5 percent from December, the State-owned Assets Supervision and Administration Commission said.
Revenues for the central SOEs increased 67.8 percent year on year to 1.16 trillion yuan, down 23.1 percent from December.
Zhang Xinfa, an economist of Galaxy Securities, attributed the rises to extraordinarily low comparison bases a year ago due to the global economic downturn.
In January, the SOEs paid a total of 136.64 billion yuan in tax, up 51.7 percent from a year earlier, or 61.6 percent higher than in December.
Despite the global downturn, China's central SOEs had a 14.6 percent rise in profits last year from 2008.
The SOEs reaped 74.33 billion yuan (US$10.88 billion) in profit last month. The figure, however, was down 14.5 percent from December, the State-owned Assets Supervision and Administration Commission said.
Revenues for the central SOEs increased 67.8 percent year on year to 1.16 trillion yuan, down 23.1 percent from December.
Zhang Xinfa, an economist of Galaxy Securities, attributed the rises to extraordinarily low comparison bases a year ago due to the global economic downturn.
In January, the SOEs paid a total of 136.64 billion yuan in tax, up 51.7 percent from a year earlier, or 61.6 percent higher than in December.
Despite the global downturn, China's central SOEs had a 14.6 percent rise in profits last year from 2008.
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