Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Profits at SOEs post decline at slower pace in first 5 months
Adjust font size:

Profits at China's state-owned enterprises declined in the first five months of the year, albeit at a slower pace, according to official figures released yesterday.

The total profits of the SOEs tumbled 30.3 percent from a year earlier to 425.4 billion yuan (US$62.3 billion) from January to May, after dropping 32.3 percent in the first four months, the Ministry of Finance said on its Website.

Profits fell 7.5 percent last month on a month-on-month basis.

"The major indicators are still in a downward cycle despite showing a slowing pattern," the ministry said.

SOEs controlled by the central government posted profits of 331.55 billion yuan in the first five months, down 23.3 percent, while those backed by local governments earned 93.85 billion yuan, down 47.4 percent, it said.

The ministry's survey doesn't include financial companies.

The tobacco, construction materials and petrochemical sectors saw improved earnings in the five-month period, the ministry said. Profits at the petroleum, machinery, automobile, electronic and chemical sectors continued to fall but the pace of decline has slowed.

Although the power industry was still in the red, it narrowed its loss. The steel, nonferrous metals and ocean shipping industries suffered a heavier loss, the ministry said.

China's economy is now at a critical stage, Premier Wen Jiabao said over the weekend as he reiterated the need for continued efforts to stimulate a recovery.

Economists at CITIC Securities said in a recent report that the overall industrial profits in China will likely stop falling and rebound within the year, as the recovery in the economy and industrial product prices are set to improve corporate profitability.

(Shanghai Daily June 23, 2009)

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Pet Name
China Archives
Related >>
- Profits of China's central SOEs decline in Q1, but more slowly
- Profits decline at Chinese textile firms
- SOEs see double-digit profits decline
- Time Warner profits decline
June 7 Tokyo 2nd China-Japan High-Level Economic Dialogu

June 30 Shanghai 2009 Automotive Engine Technology Seminar

July 3-4 Beijing Global Think Tank Summit
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?