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Profits at SOEs post continuing decrease
Source: Xinhua |
September 18, 2012, Tuesday
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Print Edition
PROFITS at China's state-owned enterprises have continued to decline, off 12.8 percent annually to 1.38 trillion yuan (US$219 billion) in the first eight months of the year, the Ministry of Finance said yesterday.
However the SOEs' combined profits rebounded on a monthly basis, up 1.1 percent in August from July's. This compared with a 11.6 percent drop in July, the ministry said.
Between January and August, the revenues of the SOEs grew 9.7 percent to 26.8 trillion yuan annually. In August, their revenues gained 0.8 percent from July, it said.
The profits of centrally-administered SOEs slid 9.4 percent from a year earlier to 954.2 billion yuan from January to August, while earnings at local government SOEs fell 19.6 percent to 424.9 billion yuan during the same period.
On a monthly basis, the central SOEs saw profits fall 1 percent in August, while local government SOEs posted a 7 percent increase in profits, according to the ministry.
The report does not include SOEs in the financial sector.
However the SOEs' combined profits rebounded on a monthly basis, up 1.1 percent in August from July's. This compared with a 11.6 percent drop in July, the ministry said.
Between January and August, the revenues of the SOEs grew 9.7 percent to 26.8 trillion yuan annually. In August, their revenues gained 0.8 percent from July, it said.
The profits of centrally-administered SOEs slid 9.4 percent from a year earlier to 954.2 billion yuan from January to August, while earnings at local government SOEs fell 19.6 percent to 424.9 billion yuan during the same period.
On a monthly basis, the central SOEs saw profits fall 1 percent in August, while local government SOEs posted a 7 percent increase in profits, according to the ministry.
The report does not include SOEs in the financial sector.
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