Profits at SOEs fall by 13.2%
By Richard Fu |
August 16, 2012, Thursday
|
Print Edition
Print Edition
PROFITS of China's state-owned enterprises declined 13.2 percent in the January-July period, widening from the 11.6 percent drop for the first half of this year, official data showed yesterday.
The SOEs posted a combined profit of 1.2 trillion yuan (US$188 billion) in the first seven months, the Ministry of Finance said. Profits fell 11.6 percent in July from June, it said.
The finance ministry's survey doesn't cover SOEs in the financial industry.
The widening profit decline came as China's overall economy slowed, as companies struggled with costs and slowing demand.
Revenues of these SOEs totaled 23.3 trillion yuan in the January-July period, up 10.4 percent year on year. Revenues fell 9 percent in July from June, it said.
Net sales profit margin of the SOEs stood at 3.8 percent in the first seven months, compared with 4.9 percent in the same period a year earlier.
SOEs in industries such as chemicals, nonferrous metals and petrochemicals posted sharp declines in earnings in the January-July period, the ministry said.
The SOEs posted a combined profit of 1.2 trillion yuan (US$188 billion) in the first seven months, the Ministry of Finance said. Profits fell 11.6 percent in July from June, it said.
The finance ministry's survey doesn't cover SOEs in the financial industry.
The widening profit decline came as China's overall economy slowed, as companies struggled with costs and slowing demand.
Revenues of these SOEs totaled 23.3 trillion yuan in the January-July period, up 10.4 percent year on year. Revenues fell 9 percent in July from June, it said.
Net sales profit margin of the SOEs stood at 3.8 percent in the first seven months, compared with 4.9 percent in the same period a year earlier.
SOEs in industries such as chemicals, nonferrous metals and petrochemicals posted sharp declines in earnings in the January-July period, the ministry said.
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