China's major SOEs report 30% fall in profit last year
2009-September-21 Source: China View website
Text Size: A A A | Print | Share by E-mail:

China's major state-owned enterprises (SOEs) under the supervision of the central government reported a 30-percent fall in net profit last year, the country's state assets supervisor said over the weekend.

A total of 141 SOEs under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council reported a net profit of 696.18 billion RMB(101.96 billion USD) last year, down 30.8 percent from a year ago, the commission said in an online statement.

Yet, total assets of the 141 SOEs rose for the fifth consecutive year since 2004. Assets of the 141 state firms were worth 5.56 trillion RMB at the end of 2008, up 8.6 percent from the previous year.

Net profit of centrally administered SOEs had been rising for four years in a row from 2004 to 2007, but it fell last year as the global financial crisis struck.

The commission said 83 out of the total 141 were able to report a year-on-year growth in net profit last year.

These 141 SOEs also turned in taxes worth 1.04 trillion RMB last year, up 18.6 percent from a year ago.

The total assets of centrally administered SOEs were augmented by 2.6 trillion RMB in the past five years, or at an annualized average of 13.7 percent from 2004 to 2008.

Editor: Miranda
Related News
This site contains material from other media for content enrichment purpose only. The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement. The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content. For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
Info for Non-Residents