Profits of SOEs edge down in first half
Print Edition
CHINA’S state-owned enterprises posted a slower 0.1 percent drop in combined profit of 1.23 trillion yuan (US$198 billion) in the first half of 2015, the Ministry of Finance said yesterday.
The decline eased from a 21.4 percent slump in the January-February period, the biggest drop so far this year, and from a 3.3 percent fall in the January-May period.
The 0.1 percent drop trailed an 8.9 percent growth during the first half of 2014, the ministry said in a statement.
Coal and steel industries turned losses into gains in June. The combined profits of the coal industry reached 620 million yuan and that of steel industry to 830 million yuan by the end of June, the ministry said.
Recent government policy measures, including cutting interest rates and bank reserve requirement ratio, also helped in improving the performance of SOEs and economic growth.
But the SOEs still suffered a 5.8 percent drop in total business revenues from a year earlier to 21.77 trillion yuan by June. Operating cost sank 5.3 percent to 21.12 trillion yuan, the ministry said.
For the first half of this year, transport, chemical and electronic sectors posted strong gains, while coal, steel, petroleum and natural gas posted big drop. Nonferrous metal industry extended its losses to 4.46 billion yuan in the same period.
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