Cooling economy presses SOEs’ profits
Print Edition
PROFITABILITY of China’s state-owned enterprises was squeezed in 2014 amid slackening momentum in the economy as it registered the weakest growth since 1990.
Combined profit of SOEs reached 2.48 trillion yuan (US$399 billion), up 3.4 percent from one year earlier, the Ministry of Finance said in a statement yesterday.
The gain slowed from 4.5 percent in the first 11 months of last year and 5.9 percent in 2013.
Business revenue climbed 4 percent year on year to 48.06 trillion yuan while operating costs rose at a faster pace of 4.5 percent to 46.66 trillion yuan.
By the end of December, total assets gained 12.1 percent from the beginning of 2014 to 102.12 trillion yuan while liabilities grew 12.2 percent to 66.56 trillion yuan, the ministry said.
It said profits grew strongly in automaking and pharmaceutical industries while they fell notably in coal mining and chemicals.
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