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Profits of non-financial SOEs fall more slowly

Profits of China's non-financial state-owned enterprises declined by a slower pace on an annual basis in the first quarter of this year than the first two months, and last month reported a month-on-month rise in profit, the Ministry of Finance said yesterday.

Non-financial SOEs nationwide saw a combined profit of 217.7 billion yuan (US$32.01 billion) in the first three months, a drop of 36.8 percent from a year earlier.

But the quarterly decline was 6.9 percentage points lower than that of the first two months, the ministry disclosed in a report.

The profits in the first quarter more than doubled from that in the fourth quarter last year and profit last month jumped 95.9 percent from February, the ministry said.

Operating revenues of SOEs fell 7.6 percent from a year ago in the first quarter to 4.33 trillion yuan. But revenue last month jumped 21 percent from the previous month.

The ministry also said profit in the petrochemical and property industries were relatively high while nonferrous metals, steel, power and railways industries reported losses. It didn't give specific figures.

A total of 65.5 percent of China's centrally-administered SOEs posted profits in this period.

The Chinese government's policies to cushion the effects from the global economic downturn were paying off, Li Rongrong, head of the State-owned Assets Supervision and Administration Commission, last weekend said at the Boao Forum for Asia annual conference.

Growth in China's industrial production rebounded to 8.3 percent last month from 3.8 percent in the first two months.


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