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December 19, 2009

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SOE profit down but rate eases markedly

PROFITS in China's state-owned enterprises continued falling in the first 11 months from the previous year, but the rate of decline eased markedly because of a lower comparison base.

SOEs posted combined profits of 1.19 trillion yuan (US$174.1 billion) in the first 11 months, down 1.9 percent on the year, the Ministry of Finance said yesterday.

During January to October, profits in SOEs declined 10.6 percent year on year, compared with a 17.6-percent drop during January to September.

In November, SOE profits edged up 0.8 percent from the previous month to 124.6 billion yuan. Business revenue rose 9.6 percent to 2.3 trillion yuan in November from October.

In the first 11 months of 2008, China's SOEs experienced a year-on-year drop in profits of 15.7 percent.

The SOEs covered by the ministry statistics included 131 enterprises administered by the State-owned Assets Supervision and Administration Commission, on behalf of the central government, enterprises affiliated to 82 central departments, and those administered by provincial, regional and municipal governments.


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