Profits in China's gov't firms continue to fall but decline eases

15:31, December 18, 2009      

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Profits in China's state-owned enterprises (SOEs) continued falling in the first 11 months from a year earlier, but the rate of decline eased markedly because of a lower comparison base.

The SOEs posted combined profits of 1.19 trillion yuan (174.1 billion U.S. dollars) in the first 11 months, down 1.9 percent compared with the same period of last year, the Ministry of Finance announced Friday.

During the January-October period, profits in the SOEs declined 10.6 percent year on year, compared with a 17.6-percent annual drop during the January-September period.

In November, SOE profits edged up 0.8 percent from the previous month to 124.6 billion yuan. Business revenue of the companies rose 9.6 percent to 2.3 trillion yuan in November from October.

In the first 11 months last year, China's SOEs experienced a sharp year-on-year drop in profits of 15.7 percent, as the impact of the global financial crisis started to weigh on the country's economy with falling enterprise output and profitability.

The SOEs covered by the ministry statistics included 131 enterprises administered by the State-owned Assets Supervision and Administration Commission, on behalf of the central government, enterprises affiliated to 82 central departments, and those administered by provincial, regional and municipal governments.

Source: Xinhua
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