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Chinese SOEs Report 11-pct Decline in Profits
Mar 21,2012 09:54CST
data analysis
Source:SMM
Profit growth for Chinese state-owned enterprises (SOEs) slowed during the first two months of 2012, the Ministry of Finance said Monday.

BEIJING, March 19 (Xinhua) -- Profit growth for Chinese state-owned enterprises (SOEs) slowed during the first two months of 2012, the Ministry of Finance said Monday.

The SOEs' profits fell 10.9 percent year-on-year to reach 363.5 billion yuan (57.7 billion U.S. dollars) during the first two months, the ministry said in a statement posted on its website.

The profits of centrally-administered SOEs fell 11.5 percent year-on-year to 211.97 billion yuan, while those under local governments saw their profits down 10 percent to 51.53 billion yuan, according to the statement.

The companies' revenues grew 9.9 percent to 7.5 trillion yuan during the same period.

The SOEs turned in taxes of 736.55 billion yuan, up 16 percent from one year earlier.

The SOEs' net sales margin ratio stood at 3.5 percent during the first two months, down one percentage point from a year ago, while the rate of return on equity reached 1.1 percent, down 0.3 percentage points over the previous year, the ministry said.

The tobacco and telecommunications sectors reported big year-on-year gains in profits for the first two months, while the steel, machinery and petrochemical industries saw significant profit declines.

Related:

China's centrally administered SOEs profits rise 6.4% in 2011

BEIJING, Jan. 20 (Xinhua) -- China's centrally-administered state-owned enterprises (SOEs) reported net profits of 917.33 billion yuan (141.3 billion U.S. dollars) in 2011, up 6.4 percent year-on-year, the country's SOEs regulator said Friday.

The growth rate was 33.8 percentage points down from a year earlier, partly due to the complicated economic situations at home and abroad, the State-Owned Assets Supervision and Administration Commission of the State Council said in a statement on its website.


 

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