China's centrally-administered SOEs expect 750 bln yuan in annual profits

20:55, December 14, 2009      

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China's centrally-administered state-owned enterprises (SOEs) are expected to reap 750 billion yuan (110.29 billion U.S. dollars) in profits this year as their business operations improve, the state assets watchdog announced Monday.

In the first 11 months, the 131 SOEs saw a 3.4 percent year-on-year growth in operation revenues to 11.1 trillion yuan and in profits to 710.9 billion yuan, according to figures released by the State Assets Supervision and Administration Commission (SASAC).

Li Rongrong, director of the SASAC, announced the figures at a conference attended by senior executives of the centrally-administered SOEs.

"We overcame great difficulties and maintained stable profit growth this year though the economic crisis dampened external demand," he said.

Li also stressed that companies should enhance innovative capacity, strengthen core competitiveness and avoid blind expansion in 2010.

The SOEs made profits of 696.2 billion yuan in the corresponding period last year, said the SASAC.

Source: Xinhua
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