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SOEs post slow profit rise year-to-date
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Profits at China’s state-owned enterprises rose at a slower pace year-to-date, according to the Ministry of Finance yesterday.
The SOEs posted combined profits of 2.15 trillion yuan (US$354 billion) in the first 11 months, up 8.2 percent from the same period a year earlier. Profits gained 10.1 percent in the January-October period, the ministry’s data showed.
The SOEs directly administrated by the central government saw their profits rise 11.2 percent to 1.53 trillion yuan, while those of local SOEs rose 1.5 percent to 614.9 billion yuan in January to November.
The profits in the power, electronics, real estate and automobile SOEs grew rapidly, the ministry said.
The ministry’s survey doesn’t include SOEs in the financial industry.
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