Profits of China's SOEs Rise Sharply

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Last updated at: (Beijing Time) Friday, August 01, 2003

Profits of China's SOEs Rise Sharply

China's state-owned enterprises (SOEs) saw their profits soar by 186.02 billion yuan (22 billion US dollars) in the first two quarters of 2003, up 77.4 percent year on year.

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China's state-owned enterprises (SOEs) saw their profits soar by 186.02 billion yuan (22 billion US dollars) in the first two quarters of 2003, up 77.4 percent year on year.

Figures from the State Assets Supervision and Administration Commission on Thursday showed the top three most profitable industries were petroleum and natural gas extraction, transport equipment manufacturing, and smelting and processing of ferrous metals.

Profits of the three industries increased by 88 percent, 130 percent and 140 percent respectively, with a total profit of 56.77billion yuan (6.8 billion US dollars), or 70 percent of the total SOE profits increase.

Shanghai municipality, Heilongjiang, Shandong and Jilin provinces, and Xinjiang Uygur Autonomous Region were the regions with the highest profit gains, with total profits of 40.03 billionyuan (4.8 billion US dollars), about half of the total.

Meanwhile, loss-making SOEs reported losses of 36.98 billion yuan (4.5 billion US dollars), 3.8 percent down over the same period of last year.

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