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Profits of SOEs fall at slower rate in H1

THE decline in profits of China's centrally-administered state-owned enterprises continued in the first half, but at a slower rate, the SOE watchdog said yesterday.

The 136 SOEs directly controlled by the central government earned 316.03 billion yuan (US$46.27 billion) in profit in the first six months of this year, Li Rongrong, director of the State-owned Assets Supervision and Administration Commission, said in Beijing.

Profits dropped 26.2 percent over the same period last year, but the decrease was 15.6 percentage points lower than in the first quarter.

Last month, the profits totaled 75.19 billion yuan, an increase of 29.5 percent over that in May.

The revenue of the centrally-administered SOEs in the first half stood at 5.36 trillion yuan, down 6.3 percent year on year, but the decline was 2.8 percentage points lower than in the first quarter.

The SOEs generated a revenue of 1.17 trillion yuan last month, a rise of 2.4 percent from a year earlier and an increase of 23.2 percent over May.

Taxes paid by these SOEs in the first half fell 1.5 percent from a year earlier to 523.68 billion yuan.

Li attributed the slower decline to government efforts to improve SOE asset quality and competitiveness through consolidation.

The centrally-administered SOEs were cut to 136 from 142 in the first six months.

Li said some SOEs still needed to react quicker to market demand and adjust their strategies.

"Enterprises should attach great importance to problems and try to upgrade technology and management abilities," Li said.


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