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SOEs' profits continue falling

(Xinhua)

14:21, June 18, 2012

BEIJING, June 18 (Xinhua) -- Profits from China's state-owned enterprises fell 10.4 percent year-on-year to 830.13 billion yuan ($133.56 billion) in the first five months of 2012, new figures have shown.

On a monthly basis, the SOEs' combined profits declined 11.8 percent in May, with the pace of decrease accelerating sharply from April's 0.5-percent drop, according to statement posted on the website of the Ministry of Finance.

The ministry did not provide an explanation for the trend but said sectors including non-ferrous metals, chemicals, construction materials, machinery and petrochemicals witnessed steep declines in their January-May profits.

In the first five months, the SOEs' business revenues totaled 16.19 trillion yuan, up 11.3 percent year-on-year, the ministry said. The growth also slowed from the 12.4-percent rise registered in the January-April period.

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