SOEs report faster drop in profits
Print Edition
CHINA’S state-owned enterprises saw profit declines accelerate in the first two months of 2016 as they are hit by a slowing economy, official data showed yesterday.
The SOEs’ combined profits slumped 14.2 percent year on year in January and February to 222.6 billion yuan (US$34.2 billion), according to data from the Ministry of Finance, a sharper drop than last year’s decline of 6.7 percent.
The SOEs continued to face great downward pressure, the ministry said in a statement.
The SOEs administered by local governments were the worst hit, with their profits plunging 40.9 percent from a year earlier. Centrally administered SOEs saw profits slip 8.2 percent year on year.
Total business revenue of the SOEs dropped 5.8 percent year on year to 6.2 trillion yuan in the first two months, according to the ministry.
At the end of February, the combined debts of the SOEs swelled by 17.9 percent to 79.7 trillion yuan, while their total assets expanded 15.6 percent to 120.3 trillion yuan.
Profits for SOEs in the medical and machinery sectors grew relatively high, while those in the oil, coal, steel and nonferrous metals sectors continued to suffer losses.
The figures, which exclude financial firms, were collected from SOEs in 36 provincial-level regions and those administered by the central government.
China has about 150,000 SOEs, and some have become ossified by declining profitability due to a lack of competition and an industrial glut. The government is trying to improve their fortunes through reform, moving toward mixed ownership and market-oriented management in the hope that this will improve their efficiency.
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