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Combined SOE profits up 9.2%
By Richard Fu |
December 22, 2011, Thursday
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Print Edition
Print Edition
CHINA'S state-owned enterprises posted combined profits of 2.04 trillion yuan (US$322 billion) in the first 11 months of this year, up 9.2 percent from a year earlier, the Ministry of Finance said yesterday.
Though the sector still posted positive on-year growth, earnings growth has slowed down month by month due to a slowing global economy, the lingering European sovereign debt crisis and price pressure.
Profit growth was slower than the 16-percent rise in the January-October period and the 19.4 percent increase in January-September.
The ministry also said the SOEs posted net profits of 1.54 trillion yuan from January to November, without giving year-ago figure.
Industries that saw sharp fall in earnings included power generation, pharmaceuticals and steel, the ministry said. Chinese power producers' profit margins have been squeezed by higher coal rates and regulated tariffs, while steel makers are struggling with oversupply and slowing demand from downstream users, such as home appliance makers and automakers.
Though the sector still posted positive on-year growth, earnings growth has slowed down month by month due to a slowing global economy, the lingering European sovereign debt crisis and price pressure.
Profit growth was slower than the 16-percent rise in the January-October period and the 19.4 percent increase in January-September.
The ministry also said the SOEs posted net profits of 1.54 trillion yuan from January to November, without giving year-ago figure.
Industries that saw sharp fall in earnings included power generation, pharmaceuticals and steel, the ministry said. Chinese power producers' profit margins have been squeezed by higher coal rates and regulated tariffs, while steel makers are struggling with oversupply and slowing demand from downstream users, such as home appliance makers and automakers.
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