Local SOE profit decline narrows in H1
By Wang Yanlin |
July 19, 2012, Thursday
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Print Edition
Print Edition
PROFITS of state-owned enterprises in Shanghai fell at a slower pace in the first half of 2012 thanks to accelerated industrial restructuring, and city officials pledged to continue the process of industrial updating for the rest of the year.
Profits of SOEs in the city fell 6.6 percent from a year earlier to 44.3 billion yuan (US$7 billion) in the first half, the State-owned Assets Supervision and Administration Commission of the Shanghai Municipal Government said yesterday.
The decline improved on the 28.8 percent slump in January, commission data showed.
Revenue of the city's SOEs rose 10.2 percent year on year to 772 billion yuan, compared with a decline of 2.5 percent in January.
"Innovation and restructuring have helped state-owned companies to meet challenges," Wang Jian, director of the commission, said at a briefing.
In the first half, Shanghai accelerated the pace of economic restructuring and moved outdated industries such as waste-material disposal out of the city. Wang said Shanghai will continue to move low-yield and non-eco-friendly industries away in the second half.
Profits of SOEs in the city fell 6.6 percent from a year earlier to 44.3 billion yuan (US$7 billion) in the first half, the State-owned Assets Supervision and Administration Commission of the Shanghai Municipal Government said yesterday.
The decline improved on the 28.8 percent slump in January, commission data showed.
Revenue of the city's SOEs rose 10.2 percent year on year to 772 billion yuan, compared with a decline of 2.5 percent in January.
"Innovation and restructuring have helped state-owned companies to meet challenges," Wang Jian, director of the commission, said at a briefing.
In the first half, Shanghai accelerated the pace of economic restructuring and moved outdated industries such as waste-material disposal out of the city. Wang said Shanghai will continue to move low-yield and non-eco-friendly industries away in the second half.
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