SOEs' profits post 24% increase
By Feng Jianmin |
August 18, 2011, Thursday
|
Print Edition
Print Edition
COMBINED net profits of China's state-owned enterprises rose in the first seven months from a year ago. But they dropped in July from June.
The Ministry of Finance yesterday said profits for SOEs in the January-July period increased 24.4 percent from a year earlier to 1.34 trillion yuan (US$210 billion). But their profits in July fell 5 percent from June, the first monthly decline since April.
Profits for SOEs in construction material, chemicals and nonferrous metal sectors grew strongly in the first seven months, the ministry said.
However, those companies in real estate and light industries saw their earnings drop the most in July from a month earlier.
The five state-owned power generators continued to be profitable for the third consecutive month after China's top price regulator raised electricity prices in April.
"Profits of SOEs fell under inflationary pressure and a slowdown in industrial growth," TX Investment Consultant Co said. "But profits will grow in a stable manner in the second half."
China's industrial output rose 14 percent year on year in July, versus the 15.1 percent gain in June, the National Bureau of Statistics said.
The Ministry of Finance yesterday said profits for SOEs in the January-July period increased 24.4 percent from a year earlier to 1.34 trillion yuan (US$210 billion). But their profits in July fell 5 percent from June, the first monthly decline since April.
Profits for SOEs in construction material, chemicals and nonferrous metal sectors grew strongly in the first seven months, the ministry said.
However, those companies in real estate and light industries saw their earnings drop the most in July from a month earlier.
The five state-owned power generators continued to be profitable for the third consecutive month after China's top price regulator raised electricity prices in April.
"Profits of SOEs fell under inflationary pressure and a slowdown in industrial growth," TX Investment Consultant Co said. "But profits will grow in a stable manner in the second half."
China's industrial output rose 14 percent year on year in July, versus the 15.1 percent gain in June, the National Bureau of Statistics said.
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