Major SOEs' profits drop 6.9% on crisis
Source: Agencies |
January 11, 2013, Friday
|
Print Edition
Print Edition
TOTAL profits for China's biggest state-owned enterprises fell 6.9 percent in the first 11 months of 2012 as an economic slowdown deepened, the government reported yesterday.
The squeeze even for the biggest Chinese firms highlighted the severity of the country's worst economic downturn since the 2008 global crisis.
Economic activity rebounded late last year but analysts say a recovery is still shaky and will be gradual and weak. Growth fell to 7.4 percent in the three months ending in September and is believed to have strengthened in the final quarter.
The Cabinet agency that oversees China's 116 biggest state-owned companies said they had total profit of 1.7 trillion yuan (US$270 billion) in the year through November. Those companies include PetroChina, the Bank of China, China Mobile and other major corporations.
That was better than the 16.4 percent decline in profit reported for the same companies in the first half of last year.
Total assets at the major state firms rose 15.1 percent to 69 trillion yuan, the State-owned Assets Supervision and Administration Commission said.
The squeeze even for the biggest Chinese firms highlighted the severity of the country's worst economic downturn since the 2008 global crisis.
Economic activity rebounded late last year but analysts say a recovery is still shaky and will be gradual and weak. Growth fell to 7.4 percent in the three months ending in September and is believed to have strengthened in the final quarter.
The Cabinet agency that oversees China's 116 biggest state-owned companies said they had total profit of 1.7 trillion yuan (US$270 billion) in the year through November. Those companies include PetroChina, the Bank of China, China Mobile and other major corporations.
That was better than the 16.4 percent decline in profit reported for the same companies in the first half of last year.
Total assets at the major state firms rose 15.1 percent to 69 trillion yuan, the State-owned Assets Supervision and Administration Commission said.
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