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July 13, 2018

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Central SOEs see profit rise

CHINA’S centrally-administered state-owned enterprises reported fast profit growth in the first half of the year with a lower debt-asset ratio, data showed yesterday.

Combined profits of China’s central SOEs totaled 887.79 billion yuan (US$133.1 billion) in the first six months, up 23 percent from a year earlier, the State-owned Assets Supervision and Administration Commission said.

The growth rate was 2.1 percentage points higher than the pace in the first quarter.

In June, central SOEs’ profits rose 26.4 percent year on year to a historic high of 201.88 billion yuan, said SASAC spokesperson Peng Huagang .

The total revenues of central SOEs stood at 13.7 trillion yuan in the first half, up 10.1 percent year on year.

“Such strong performance was partly due to China’s ongoing supply-side structural reform,” Peng said.

From January to June, central SOEs in the industrial sector raked in 515.28 billion yuan in profits, up 33.9 percent year on year, 10.9 percentage points higher than the average level.

Strategic emerging industries and new growth drivers contributed to the fast growth, with revenues of new businesses including Internet applications taking up over 50 percent of total revenues.

Central SOEs’ debt-asset ratio declined in the first half due to government deleveraging efforts.


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