SOEs see 7% profit growth in first half
By Richard Fu |
July 17, 2013, Wednesday
|
Print Edition
Print Edition
PROFITS at China's state-owned enterprises rose at a quicker pace in the first half of the year than in the January-May period, according to official data unveiled yesterday.
The SOEs posted a combined profit of 1.11 trillion yuan (US$180.9 billion) during the period, up 7 percent from a year earlier, the Ministry of Finance said.
Profits rose 6.5 percent in the first five months, the ministry added.
In breakdown, however, SOEs administered by local governments saw their profits tumble 10.6 percent to 307.3 billion yuan in the first half.
Profits at centrally administered SOEs, however, rose 15.6 percent to 805.7 billion yuan.
Ratings agency Moody's has said that central SOEs generally enjoy higher government support during an economic downturn.
The SOEs' combined sales grew 10.7 percent to 21.95 trillion yuan in the first half, according to the ministry.
Its survey doesn't include SOEs in the financial sector.
The ministry said SOEs in industries from power, electronics to petrochemicals and property development posted handsome profit growth in the first half, but those in nonferrous metals, coal and transportation industries suffered sharp declines in profit.
The SOEs posted a combined profit of 1.11 trillion yuan (US$180.9 billion) during the period, up 7 percent from a year earlier, the Ministry of Finance said.
Profits rose 6.5 percent in the first five months, the ministry added.
In breakdown, however, SOEs administered by local governments saw their profits tumble 10.6 percent to 307.3 billion yuan in the first half.
Profits at centrally administered SOEs, however, rose 15.6 percent to 805.7 billion yuan.
Ratings agency Moody's has said that central SOEs generally enjoy higher government support during an economic downturn.
The SOEs' combined sales grew 10.7 percent to 21.95 trillion yuan in the first half, according to the ministry.
Its survey doesn't include SOEs in the financial sector.
The ministry said SOEs in industries from power, electronics to petrochemicals and property development posted handsome profit growth in the first half, but those in nonferrous metals, coal and transportation industries suffered sharp declines in profit.
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