SOEs post 70% jump in profits
Source: Xinhua |
May 20, 2010, Thursday
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Print Edition
Print Edition
CHINA'S state-owned enterprises posted a 69.6 percent annual surge in profits in the first four months of this year, the Ministry of Finance said yesterday.
The combined profits of China's SOEs hit 579.52 billion yuan (US$84.85 billion) from January to April, the ministry said.
Operating revenue of the SOEs reached about 9 trillion yuan, up 46 percent from a year earlier.
The SOEs paid a total of 794.63 billion yuan in taxes in the period, up 30.4 percent, with taxes payable amounting to 806.3 billion yuan.
The ministry did not give reasons for the surge in profits and revenues, but analysts believed a low comparison base for the same period of last year helped fuel the strong growth.
Inventory levels and costs, however, rose in the four-month period, leading to a slowdown in profit margin growth, according to the ministry.
The oil and petrochemical, coal, communications and automobile industries continued to post big increases in profits in the period but the growth rate had slowed.
The combined profits of China's SOEs hit 579.52 billion yuan (US$84.85 billion) from January to April, the ministry said.
Operating revenue of the SOEs reached about 9 trillion yuan, up 46 percent from a year earlier.
The SOEs paid a total of 794.63 billion yuan in taxes in the period, up 30.4 percent, with taxes payable amounting to 806.3 billion yuan.
The ministry did not give reasons for the surge in profits and revenues, but analysts believed a low comparison base for the same period of last year helped fuel the strong growth.
Inventory levels and costs, however, rose in the four-month period, leading to a slowdown in profit margin growth, according to the ministry.
The oil and petrochemical, coal, communications and automobile industries continued to post big increases in profits in the period but the growth rate had slowed.
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