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Last updated at: (Beijing Time) Wednesday, August 27, 2003

Profits of Chinese SOEs Surge 70% in First Seven Months

The net profits of China's state owned enterprises (SOE) amounted to 218.15 billion yuan (26.38 billion US dollars) during the first seven months of the year.


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The net profits of China's state owned enterprises (SOE) amounted to 218.15 billion yuan (26.38 billion US dollars) during the first seven months of the year.

The figure represented to an increase of 69.5 percent over the same period of last year, according to a monthly report released by the National Bureau of Statistics (NBS) Tuesday.

The report says that the losses of money-losing SOEs in the first seven months totaled 41.47 billion yuan, a decrease of 4.2 percent. The decrease rate was 0.4 percentage points faster than in the first half year.

Among China's 39 major industries, 37 industries realized an increase in profits and one reduced its losses. Most of the increased profits came from the oil and natural gas exploration industry, non-ferrous metals, chemicals manufacturing and power industries. The net profits of China's industrial enterprises reached 430.33 billion yuan in the first seven months, a rise of 53.9 percent over the same period of last year.

Although the efficiency index of China's industrial enterprises rose 15.6 points over the same period last year to 140.9, there were still some worrying signs that the inventory of finished products and receivables grew at a faster rate, the NBS said.

NBS figures showed the inventory of finished goods reached 802.68 billion yuan by the end of July. By the end of July, the receivables of China's industrial enterprises rose to 1,720.16 billion yuan.

In the first seven months, the total sales revenue of China's industrial enterprises totaled 7,389.09 billion yuan, an increase of 27.6 percent over the same period of last year.


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