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April 27, 2017

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SOEs see profit growth slow in March

STATE-OWNED enterprises saw their profit growth slow in March as net earnings in the electricity industry declined, the Ministry of Finance said in a statement yesterday.

The SOEs made combined profits of 587.31 billion yuan (US$85 billion) in the first quarter, up 37.3 percent from the same period a year earlier, the ministry said.

The growth marked a slowdown from the 40.3 percent annual gain in the first two months, but it reversed the 13.8 percent decline in the same quarter of last year.

Profits for centrally owned SOEs soared 247.1 percent year on year in the first three months, while those owned by local governments rose 74.3 percent in the period.

The ministry said the oil, coal and steel industries recovered from losses last year, while profit growth in petrochemical and transport companies accelerated and that in the power generation sector slowed.

The fast profit growth in SOEs this year echoed price rises at the factory gate as the Producer Price Index hit a eight-year high of 7.8 percent in February and 7.6 percent in March.


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