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SOEs revenue slightly up in Jan-Oct, profits down 10.6%

(chinadaily.com.cn)
Updated: 2009-11-19 11:09

Operating revenue of China's State-owned enterprises (SOEs) grew 0.5 percent year-on-year to 17,873.77 billion yuan ($2,617.91 billion) during the first 10 months of 2009, marking the first year-on-year growth this year, the Ministry of Finance (MOF) said in a statement on its website yesterday.

Special Coverage: China Biz & Economic Statistics Related readings:  China's centrally-administered SOEs shrink to 132  Profits of central SOEs down 13.7% in Jan-Sept  Vice premier asks SOEs to promote reform, innovation  Major SOEs net profit falls 30% in '08

During the same period, profits generated by SOEs came to 1,064.35 billion yuan, a decline of 10.6 percent year-on-year, but their profits in October rose 9.2 percent compared with that of September.

Experts expect SOEs' profit growth rate to turn positive due to the low basis last year.

Meanwhile, costs of SOEs totaled 16,824.13 billion yuan in the first ten months of this year, up 1.2 percent year-on-year, according to the statement.

SOEs in the statistical range are State-owned or Stated-controlled enterprises excluding State-owned financial firms, the MOF said in the statement.