SOEs post a slower 3.3% drop in combined profit
Print Edition
CHINA’S state-owned enterprises posted a slower 3.3 percent drop in combined profit to 923.8 billion yuan (US$148.8 billion) in January to May, the Ministry of Finance said yesterday.
The decline eased from a 21.5-percent slump in the January-February period, the biggest drop so far this year, and also from 5.7-percent fall in January to April. The 3.3-percent fall trailed a 6.9-percent growth during the five-month period in 2014, the ministry said in a statement.
Recent government policy measures to support economic growth “have shown their effect” for the improved performance in the January-May period, the ministry said.
The measures include the central bank cutting interest rates and bank reserve requirement ratio to lower borrowing costs for businesses and encouraging more lending to boost a slowing economy. The SOEs suffered a 5.9-percent drop in total business revenues from a year earlier to 17.6 trillion yuan in May, while operating costs shed 5.3 percent to 17 trillion yuan, the ministry said.
The transport, electronic and chemical sectors posted strong gains in profits after prices of crude oil and natural gas rose and industrial chemicals costs dropped, the ministry said.
The country’s three oil majors, China National Petroleum Corp, Sinopec Group and China National Offshore Oil Corp, made a combined profit of 30.7 billion yuan in May, up 32.8 percent from April, according to the ministry.
Financial sector SOEs are not included in the statement.
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