SOEs see 7.6% climb in profits to US$212b
Print Edition
Profits at China’s state-owned enterprises rose 7.6 percent to 1.3 trillion yuan (US$212 billion) in the first seven months of this year, data from the Ministry of Finance showed yesterday.
Their profits grew 7 percent in the first half and 6.5 percent in the January-May period.
The centrally-administered SOEs turned in better results than local-government SOEs. The former’s profits gained 14.9 percent to 945.8 billion yuan in the first seven months while the latter saw a fall of 8.2 percent to 349.7 billion yuan, the ministry said, adding that its survey excludes SOEs in the financial sector.
The revenue totaled 25.6 trillion yuan in the period, up 10.6 percent year on year.
Electronics, power, petrochemical and property firms led the profit rise.
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