SOEs post 6.9% profit increase
Print Edition
CHINA’S state-owned enterprises posted an annual 6.9 percent rise in profits totaling 942.59 billion yuan (US$151.3 billion) in the first five months of this year, but they face rising cost.
The 100-plus central government-administered SOEs posted accumulated profits of 716.17 billion yuan between January and May, up 7.7 percent, the Ministry of Finance said yesterday, adding that 32 of them reported profit declines.
SOEs controlled by local governments saw profits rise 4.4 percent to 226.42 billion yuan in the period, but those in 13 provinces posted decreases in profits.
The total revenue of the SOEs added 5.3 percent to 18.83 trillion yuan in the first five months, while operating costs rose 5.6 percent to 18.16 trillion yuan.
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