State companies’ profit grows 5.9% last year
Print Edition
Profit of China’s state-owned enterprises grew 5.9 percent last year, compared with a rise of 8.2 percent in the January-November period and 10.1 percent in the first 10 months of 2013, official data showed yesterday.
The growth pace, however, marked a significant change in fortunes compared with a decline of 5.8 percent in 2012.
State-owned non-financial companies made a combined profit of 2.41 trillion yuan (US$398 billion) last year, the Ministry of Finance said in a statement on its website.
The total business revenues of SOEs climbed 10.1 percent year on year to 46.47 trillion yuan last year, the ministry said.
It did not give any explanation for the lower profit growth rate, but said SOEs in sectors including transport, electronics, auto production and real estate posted relatively fast profit growth, while those in nonferrous metals, coal mining and chemicals reported declines.
China’s economy grew 7.7 percent in 2013, the lowest in 14 years.
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