SOEs’ profit falls
Print Edition
THE combined profit at China’s state-owned enterprises fell 2.3 percent to 1.41 trillion yuan (US$220 billion) in the first seven months of the year, the Ministry of Finance said yesterday.
The decline worsened from a 0.1 percent drop in the first six months, and trailed a 9.2 percent growth during the same period of last year, the ministry said in a statement.
Steel and coal industries suffered losses in July, while the nonferrous metal industry extended its losses in the January-July period, the ministry said.
The statement also pointed out that transport, electronics and chemical sectors posted strong gains in profit, while the petroleum and natural gas companies suffered a huge drop in profit in the first seven months.
Total business revenues at the SOEs shed 6.1 percent year on year to 25.36 trillion yuan in the January-July period. Operating costs sank 5.6 percent to 24.61 trillion yuan, according to the ministry.
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