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Profits of China's central SOEs up 16%

(Xinhua)
Updated: 2006-07-25 16:22

China's 166 central state-owned enterprises (SOEs) made profits of 351.65 billion yuan (44 billion U.S. dollars) in the first half of the year, up 16 percent from the first six months last year.

Figures released Tuesday by the State-owned Assets Supervision and Administration Commission (SASAC) showed that the added value of the central SOEs grew 16.8 percent year on year to 1.08 trillion yuan in the first half year.

Total sales of the central SOEs totaled 3.743 trillion yuan, up 20.6 percent over the first half of 2005. Sources with SASAC said the steady performance in the first half of the year mainly resulted from the stable production growth in coal, electricity, oil and transportation.

Production of the two coal producers grew 14.5 percent year on year to 139 million tons; that of the five electricity generators grew 12.5 percent to 513.8 billion kilowatt-hours; and the three oil producers produced 102 million tons crude oil, up 5.8 percent.

Other factors contributing to the performance included better sales of steel and vehicles, improved overseas market exploitation, and greater efficiency in energy consumption, said the SASAC sources.