SOEs post 8.6% drop in earnings
By Louise Ho |
May 18, 2012, Friday
|
Print Edition
Print Edition
THE profits of Chinese state-owned enterprises dropped 8.6 percent year on year to 669 billion yuan (US$105 billion) in the first four months of 2012 amid China's economic slowdown and weak global markets, the Ministry of Finance said yesterday.
Their profits for last month eased 0.5 percent from March, according to figures from the ministry. The SOEs generated total sales of 12.7 trillion yuan in the first four months, up an annual 12.4 percent.
The tobacco, auto, commerce and telecommunication industries posted bigger growth in profits between January and April, compared with the same period of last year. On the other hand, profits in the petrochemical, construction and nonferrous metal industries fell by a bigger margin year on year in the first four months, the ministry said.
Their profits for last month eased 0.5 percent from March, according to figures from the ministry. The SOEs generated total sales of 12.7 trillion yuan in the first four months, up an annual 12.4 percent.
The tobacco, auto, commerce and telecommunication industries posted bigger growth in profits between January and April, compared with the same period of last year. On the other hand, profits in the petrochemical, construction and nonferrous metal industries fell by a bigger margin year on year in the first four months, the ministry said.
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