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August 22, 2009

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SOEs post slower drop in net profit

CHINA'S state-owned enterprises reported a slower annual decline in net profit in the first seven months of this year than that in the first half, bolstered by macro-economic figures which recovered on the back of the government's stimulus package.

The profit totaled 686.18 billion yuan (US$100.47 billion) in the first seven months, a decline of 22.8 percent from a year earlier, compared with a drop of 27 percent in the first half, the Ministry of Finance said in a statement on its Website yesterday.

But the SOEs saw their profit last month fall 2 percent from June, the ministry said, without offering more details for the month.

The centrally-administered SOEs made a combined profit of 509.41 billion yuan in the January-July period, a tumble of 16.6 percent from a year earlier. The profit at SOEs controlled by local governments totaled 176.77 billion yuan, down 36.4 percent.

The revenue for all SOEs dropped 4.7 percent in the seven months to 11.64 trillion yuan, compared with a 5.9-percent decline in the first half. The revenue reversed 7.2 percent last month from June, the ministry said.

The central SOEs posted a revenue of 7.38 trillion yuan in the period, down 3.6 percent from a year ago, while last month's revenue lost 9.7 percent from June.

The slower decline in the SOEs' profit echoed the faster increase in industrial output, which jumped 10.8 percent last month from a year earlier following a 10.7 percent gain in June. It was the third straight monthly rise.

The State Information Center, a research unit under the National Development and Reform Commission, said yesterday in a report that China's economy is likely to grow 8.5 percent in the third quarter, after rising 7.9 percent in the second quarter and 6.1 percent in the first quarter.


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