Latest News:  
Beijing   Thundershower/Cloudy    22 / 12   City Forecast

People's Daily Online>>China Business

SOEs suffer 9% decline in profits in Q1

(Shanghai Daily)

14:58, April 19, 2012

Profits at China's state-owned enterprises fell 9.1 percent year on year in the first quarter, with steel and building materials industries posting drastic drops, amid an economic slowdown.

The combined profits by SOEs totaled 482.9 billion yuan (US$76.6 billion) in the first three months of this year, the Ministry of Finance said yesterday. Sales rose 12.9 percent to 9.46 trillion yuan. The ministry's survey didn't include SOEs in the financial sector.

China's economy grew 8.1 percent in the first quarter, the slowest pace since the second quarter of 2009.

The ministry said its SOE survey revealed that profits in steel, building materials, chemicals and nonferrous metals industries dropped the most. The profits at auto, power and telecommunications industries increased.

Zhang Changfu, vice chairman of the China Iron and Steel Association, yesterday said the domestic steel industry posted a loss of around 1 billion yuan in the first quarter, against a profit of 25.8 billion yuan a year earlier. The steel sector was hurt by slowing demand and high costs of raw materials.

Separately, Moody's said centrally-administered Chinese SOEs enjoy higher government support during crises.

Email|Print|Comments(Editor:厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Cherry blossom festival in Chengdu

  2. Beauty of Fujian Tulou

  3. Wedding Banquet in Hainan lick your chops

  4. Temple ruins of Yungang Grottoes edges into new archaeological discoveries of 2011

Most Popular

Opinions

  1. Keeping reins on easing vital for China's economy
  2. Bo investigation warns officials of power abuse
  3. Restart Six-Party Talks
  4. Most Americans see benefits of close U.S.-China ties
  5. Reform will not impair public institutions: ministries
  6. Blasts spell bleak future for Afghan stability
  7. Security cooperation is SCO's shining point
  8. Syria ceasefire is not negotiable
  9. Freedom of speech does not protect rumors
  10. China's state-owned firms not 'non-market' entity

What's happening in China

First TCM medicine OK'd for EU market

  1. Ex-Olympic champion under fire for second child
  2. Coca-Cola cleared of contamination in China
  3. Chinese fishermen detained in Palau arrive home
  4. China detains 9 more in drug capsule scandal
  5. Harbin ban on big dogs stirs up howls of protest

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai