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April 14, 2017

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Home » Business » Finance

Central SOEs see net profits surge in Q1

Source: Xinhua | 00:01 UTC+8 April 14, 2017 | Print Edition

THE combined net profits of China’s centrally administered state-owned enterprises soared 26.5 percent in the first quarter to 226.4 billion yuan (US$33 billion), the regulator of state assets said yesterday.

Among 102 central SOEs, 99 saw profits in the first three months, with 81 companies posting higher profits than a year ago. Forty-three saw profit increases of above 10 percent, according to a report from the State-owned Assets Supervision and Administration Commission.

Strong profits were posted among traditional sectors such as oil, steel, nonferrous metals and coal, as well as new sectors like advanced manufacturing, medicine and modern services.

“Central SOEs are off to a good start, signaling that the economy is stabilizing and market demand is gradually improving,” Shen Ying, chief accountant of SASAC, said at a press conference.

Looking ahead, many favorable factors will sustain the strong performance of central SOEs, such as rising producer prices, recovering demand and corporate confidence, Shen said.

China’s Producer Price Index, which measures the cost of goods at the factory gate, rose year on year for a seventh month in March, and is set to keep the steady growth, she said.

China’s manufacturing sector stayed above the boom-bust mark for the eighth straight month in March.

“The business confidence of most central SOEs strengthened,” Shen added.

But facing domestic and external uncertainties, central SOEs may see their profit growth slow later this year, Shen said.

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