Profit losses easing

By Winny Wang | August 21, 2009, Friday |

Online Edition

China's state-owned enterprises reported less of a drop in profits in the first seven months, the Ministry of Finance said today.

Profits reached 686.18 billion yuan in the first seven months, 22.8 percent less than a year earlier, compared with a 27-percent drop in the first half of this year, the ministry said in a statement on its Website.

But July profits were 2 percent lower that June's, the statement said.

Revenue for SOEs was 4.7 percent in the seven months year on year at 11.64 trillion yuan, compared with 5.9 percent less in the first half. Revenue in July dropped 7.2 percent from June, it said without revealing figures.

Among them, centrally administrated SOEs made combined profit of 509.41 billion yuan in the seven months, 16.6 percent less from a year earlier, and SOEs controlled by local governments reported a combined profit of 176.77 billion yuan, 36.4 percent less.

Steel and nonferrous metals industries returned to profit in July, while the coal industry suffered a sharp decline in profit and shipping industry made steep losses, the statement said.

Economy

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Profit losses easing

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