SOEs’ profits edge up in 1st 10 months
Print Edition
PROFITS at China’s state-owned enterprises rose 0.4 percent in the first 10 months of the year from the same period a year earlier, with coal and steel companies leading the growth, the Ministry of Finance said yesterday.
The growth reversed a decline of 1.6 percent in the first nine months.
Their profits totaled 1.9 trillion yuan (US$275 million) on revenue of 26.7 trillion yuan in the January-October period.
Although no details were given on the coal and steel firms’ profits, the ministry said the two sectors led the rebound along with real estate construction, pharmaceutical and automobile industries.
Over the first three quarters, profits of coal companies surged 65.1 percent from the same period of last year to 35.2 billion yuan, GF Securities Co said earlier. Steel firms generated a profit of 25.2 billion yuan from January to September.
Coal prices across the country jumped about 60 percent from the beginning of the year while steel prices surged 58 percent.
China met this year’s target of cutting 45 million tons of steel production capacity in October while the goal of trimming 250 million tons of coal capacity is to be completed before the year-end, said Meng Jianmin, vice director of the State-owned Assets Supervision and Administration Commission.
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