SOEs' profits climb
Source: Xinhua |
April 20, 2010, Tuesday
|
Print Edition
Print Edition
THE combined profits of China's state-owned enterprises climbed 75.8 percent annually in the first quarter to 408.82 billion yuan (US$59.9 billion), the Ministry of Finance announced yesterday.
The growth rate was down 0.2 percentage points from the fourth quarter of last year, said a statement on the ministry's Website.
Revenues totaled 6.51 trillion yuan, up 43.2 percent from a year earlier, according to the statement.
It did not provide reasons for the surge in profits and revenues, but analysts attributed it to a low comparison base from the same period last year when the country was affected by the fallout of the global economic downturn. The economic recovery also helped lift earnings.
The automobile, oil and petrochemical industries saw big profit increases from January to March, the statement said.
The power generation sector returned to profit in the first quarter, said the statement.
The growth rate was down 0.2 percentage points from the fourth quarter of last year, said a statement on the ministry's Website.
Revenues totaled 6.51 trillion yuan, up 43.2 percent from a year earlier, according to the statement.
It did not provide reasons for the surge in profits and revenues, but analysts attributed it to a low comparison base from the same period last year when the country was affected by the fallout of the global economic downturn. The economic recovery also helped lift earnings.
The automobile, oil and petrochemical industries saw big profit increases from January to March, the statement said.
The power generation sector returned to profit in the first quarter, said the statement.
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