Economy

Profit of China SOEs up about 45% in 1st 10 mths

(Xinhua)
Updated: 2010-11-19 15:52

BEIJING - The combined profits of China's State-owned enterprises (SOEs) increased 44.8 percent year on year in the first ten months, the Ministry of Finance (MOF) said Friday.

Combined profits of China's central and provincial SOEs hit 1.6 trillion yuan ($245 billion) in the period, the MOF said in a statement on its website.

On a month-on-month basis, their profits rose 0.4 percent in October.

Profit of central government-administered SOEs declined 4.5 percent month-on-month in October. Their profit in the first ten months climbed 39.9 percent year on year to 1.1 trillion yuan.

US companies still want to do business Related readings:  CCB's profit up 28% in 1st three quarters  Crucial time ahead for SOE shake-up  China Telecom says Q3 net profit up 47%  ABC reports 30% increase in Q3 profit

The profit of provincial government-administered SOEs grew 12.8 percent in October on a month-on-month basis. Their profit in the first ten months rose 57.3 percent year on year.

The SOEs revenues fell 3.7 percent month-on-month in October but rose 33.9 percent year-on-year in the first ten months to 24.6 trillion yuan.

In October, the revenues of the SOEs declined, with centrally administered SOEs revenue down 3.3 percent month on month and that of provincial government SOEs down 4.3 percent.

The profits of tobacco, real estate, electricity, coal and transport sector SOEs declined in October on a monthly basis while profits in the sectors of electronics, chemicals, textiles, petroleum and construction materials rose.