SOE profit drops 11.6% in first half
By Feng Jianmin |
July 17, 2012, Tuesday
|
Print Edition
Print Edition
PROFITS of non-financial state-owned enterprises fell 11.6 percent in the first half from a year earlier, coinciding with China's slowest growth in three years, data from the Ministry of Finance showed yesterday.
Combined profits of these SOEs amounted to 1.02 trillion yuan (US$161.4 billion) in the first half of this year, the ministry said in a statement yesterday. Revenue gained 11.1 percent from a year earlier to 19.8 trillion yuan in the first six months.
"Tax payments from the companies continued to grow," the statement said. "But profits declined as cost increases outpaced the rise in revenue."
Profits declined the most among firms in the transportation, chemicals and nonferrous metals industries. SOEs in tobacco, auto, delivery and telecommunications sectors witnessed the biggest profit rises during the period.
Profits of SOEs totaled 2.26 trillion last year, 12.8 percent higher than 2010.
This year's decline was reported after data showed China's economy was growing at the slowest pace since 2009. Gross domestic product for the second quarter grew 7.6 percent from a year earlier, the lowest since the second quarter of 2009, the National Bureau of Statistics said last Friday.
Premier Wen Jiabao warned on Sunday that China may face more economic difficulties.
Combined profits of these SOEs amounted to 1.02 trillion yuan (US$161.4 billion) in the first half of this year, the ministry said in a statement yesterday. Revenue gained 11.1 percent from a year earlier to 19.8 trillion yuan in the first six months.
"Tax payments from the companies continued to grow," the statement said. "But profits declined as cost increases outpaced the rise in revenue."
Profits declined the most among firms in the transportation, chemicals and nonferrous metals industries. SOEs in tobacco, auto, delivery and telecommunications sectors witnessed the biggest profit rises during the period.
Profits of SOEs totaled 2.26 trillion last year, 12.8 percent higher than 2010.
This year's decline was reported after data showed China's economy was growing at the slowest pace since 2009. Gross domestic product for the second quarter grew 7.6 percent from a year earlier, the lowest since the second quarter of 2009, the National Bureau of Statistics said last Friday.
Premier Wen Jiabao warned on Sunday that China may face more economic difficulties.
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