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SOE profits rise at faster speed in first 5 months

By Fu Chenghao (Shanghai Daily)

09:05, June 20, 2013

Profits at China's state-owned enterprises rose 6.5 percent to 884.1 billion yuan (US$144.2 billion) in the first five months of this year, faster than the pace in the January-April period, official data showed yesterday.

In the first four months, their profits expanded 5.3 percent.

Profits made by centrally-administered SOEs gained 13.8 percent to 661.96 billion yuan in the first five months while those at SOEs managed by local governments fell 10.6 percent to 222.14 billion yuan, the Ministry of Finance reported yesterday.

The ministry's survey, however, didn't include SOEs in the financial sector.

The SOEs generated sales of 17.9 trillion yuan from January to May, up 10.4 percent from a year earlier, and basically in line with the 10.2 percent gain for the January-April period.

SOEs in power, electronics and property development posted big rise in profits in the period while those in transport, nonferrous metals, coal and chemicals saw sharply lower profits, the ministry said.

China's economic growth in the current quarter is expected to slow further after it expanded 7.7 percent in the first quarter, down from 7.9 percent in the final three months of last year.

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