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SOE profit growth falls on global slowdown, rising costs
By Richard Fu |
December 19, 2011, Monday
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Online Edition
Online Edition
CHINA'S state-owned enterprises under central government posted lower earnings growth in the first 11 months of the year because of the slowing global economy and higher cost pressures.
These companies posted combined net profits of 831.8 billion yuan (US$131 billion) in the January-November period, up 3.6 percent from a year earlier, Wang Yong, director of the State-owned Assets Supervision and Administration Commission, said at a conference in Beijing today, according to Xinhua.
Revenue rose 22.6 percent to 18.4 trillion yuan in the period, Wang said.
Net profit gained 50.1 percent and revenue grew 34.7 percent in the first 11 months of 2010.
Wang attributed the slowdown to the slowing global economy, lower demand, higher costs, a volatile financial market and tight credit conditions.
Eighty-two central SOEs, or 69.5 percent of the total, reported earnings growth in the first 11 months, Wang said.
China's central SOEs are administrated by the SASAC, on behalf of the central government.
These companies posted combined net profits of 831.8 billion yuan (US$131 billion) in the January-November period, up 3.6 percent from a year earlier, Wang Yong, director of the State-owned Assets Supervision and Administration Commission, said at a conference in Beijing today, according to Xinhua.
Revenue rose 22.6 percent to 18.4 trillion yuan in the period, Wang said.
Net profit gained 50.1 percent and revenue grew 34.7 percent in the first 11 months of 2010.
Wang attributed the slowdown to the slowing global economy, lower demand, higher costs, a volatile financial market and tight credit conditions.
Eighty-two central SOEs, or 69.5 percent of the total, reported earnings growth in the first 11 months, Wang said.
China's central SOEs are administrated by the SASAC, on behalf of the central government.
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