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October 26, 2016

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Profits at SOEs fall 1.6% in first 3 quarters

PROFITS of China’s state-owned enterprises fell 1.6 percent year on year to 1.72 trillion yuan (US$254 billion) during the first three quarters of the year, the Ministry of Finance said yesterday.

The pace of decline accelerated from a 1.3 percent drop in the first eight months.

In the January-September period, profits of SOEs under central government control shed 5.4 percent from a year earlier, while those of locally administered SOEs rose 8.1 percent.

The profit decline in SOEs was partly due to the country’s drive to reform its growth model and cut overcapacity.

Profits of the oil, tobacco and chemical engineering SOEs fell substantially compared with a year earlier, while those of automobile, real estate construction and electronic companies gained.

SOEs in nonferrous metal industries continued to suffer losses, while steel companies were profitable.

SOE revenues hit 32.7 trillion yuan in the first nine months, up 0.8 percent. The growth rate was higher than the 0.2 percent gain in the first eight months.


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