State-owned profits up 50% year to date

08:31, September 19, 2010      

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Centrally administered State-owned enterprises (SOEs) reported profits of 723.55 billion yuan ($107.83 billion) in the first eight months of the year, up 50 percent year-on-year, the nation's sector watchdog said Friday.

But the growth rate was 4.3 percentage points lower than that in the previous seven months, said a statement from the State-owned Assets Supervision and Administration Commission.

Central State-owned enterprises' profits are expected to continue to grow as they are the major beneficiaries of the government's stimulus plan, the Beijing News reported Saturday, citing Liu Cheng, a professor at University of Science and Technology in Beijing.

The combined business revenue of the central State-owned enterprises reached 10.57 trillion yuan ($1.57 trillion), up 40.4 percent year-on-year. But that rate was 2 percentage points down from that for the first seven months.

Central State-owned enterprises generated 888.33 billion yuan($132.13 billion) in tax revenues for government coffers during the first eight months, up 22.6 percent from the same period last year.

Experts said Chinesecompanies, including State-owned enterprises, would face increasing operational difficulties in the next few months as costs rise, Shanghai Securities News reported.

Source: Global Times


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