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SOE earnings decline 30%
Source: Xinhua |
January 6, 2009, Tuesday
|
Print Edition
Print Edition
PROFITS at China's centrally administered state-owned enterprises were expected to fall 30 percent in 2008 from a year earlier, the first annual decline since 2002, figures from the state assets watchdog indicated yesterday.
Profits in the 142 SOE giants should total 700 billion yuan (US$103 billion) for last year, Huang Shuhe, deputy director of the State-owned Assets Supervision and Administration Commission, told a conference in Beijing yesterday.
Natural disasters, government-capped energy prices and the ongoing global financial crisis all contributed to the decline, Huang said.
Sales revenue for these companies, however, increased 20 percent year on year to 11.5 trillion yuan last year, according to the SASAC.
The central SOEs reported 130 billion yuan in economic losses because of a series of natural disasters last year, including the snowstorms in early 2008 and the deadly earthquake in Sichuan Province in May.
A total of 200 billion yuan was calculated to be needed for post-disaster reconstruction.
The global financial crisis also posed serious challenges to the central SOEs with falling market demands, shrinking financing channels and heavy investment losses.
The metallurgy, transportation, petrochemical, electricity, automotive and tourism industries were the worst affected, according to the SASAC.
Meanwhile, the government-capped pricing on petroleum and electricity to curb inflation and stabilize domestic markets led to over 260 billion yuan in losses for oil refiners, power companies and electricity grid operators.
Profits in the 142 SOE giants should total 700 billion yuan (US$103 billion) for last year, Huang Shuhe, deputy director of the State-owned Assets Supervision and Administration Commission, told a conference in Beijing yesterday.
Natural disasters, government-capped energy prices and the ongoing global financial crisis all contributed to the decline, Huang said.
Sales revenue for these companies, however, increased 20 percent year on year to 11.5 trillion yuan last year, according to the SASAC.
The central SOEs reported 130 billion yuan in economic losses because of a series of natural disasters last year, including the snowstorms in early 2008 and the deadly earthquake in Sichuan Province in May.
A total of 200 billion yuan was calculated to be needed for post-disaster reconstruction.
The global financial crisis also posed serious challenges to the central SOEs with falling market demands, shrinking financing channels and heavy investment losses.
The metallurgy, transportation, petrochemical, electricity, automotive and tourism industries were the worst affected, according to the SASAC.
Meanwhile, the government-capped pricing on petroleum and electricity to curb inflation and stabilize domestic markets led to over 260 billion yuan in losses for oil refiners, power companies and electricity grid operators.
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