Chinese SOE profits up 7.7% in Q1
BEIJING - China's State-owned enterprises saw their combined profits expand 7.7 percent year-on-year to 513.73 billion yuan ($82.2 billion) in the first quarter of the year, the Ministry of Finance announced Wednesday.
Remarkable profit growth was posted by SOEs operating in the electronics, electric power, house construction, pharmaceutical and petrochemical sectors. However, some SOEs in the non-ferrous metal, construction materials, coal and chemical sectors saw profit declines.
The afore-mentioned SOEs represent both centrally administered SOEs and local SOEs under the administration of 36 provinces, autonomous regions, municipalities and cities specifically designated in a state plan.
Centrally administered SOEs' profits were up 16.5 percent year-on-year to 404.87 billion yuan, while local SOEs saw a decline of 16 percent to 108.86 billion yuan in profits.
The aggregate revenues of the SOEs rose 9.6 percent year-on-year to 10.3 trillion yuan, according to an MOF statement.
In the same period, the enterprises' total assets reached 81.63 trillion yuan, up 13.1 percent year-on-year, the statement said.
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