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Chinese SOEs Report Multiple Profits
January-to-May profits of state-owned industrial enterprises (SOE) in China were 4.1 times the amount in the same period of last year, official figures show.
According to figures that the National Bureau of Statistics ( NBS) released today, after being offset by losses, profits of the SOEs totaled 69.2 billion yuan (US$8.34 billion) over the first five months of the year.
In the same time, losses at the money-losing SOEs decreased by 6.7 per cent to 42 billion yuan (US$5.06 billion).
NBS figures show that SOEs in the industrial sector registered total sales of 1,579.9 billion yuan (US$190.35 billion) over January to May, 20.7 per cent more than last year.
By the end of May, stockpiles at the SOEs were reduced to 352.5 billion yuan (US$42.5 billion), a 3.2 per cent drop.
The SOEs paid a total of 136.5 billion yuan (US$16.45 billion) in taxes over the first five months of the year, a 16.2 per cent increase.
NBS figures show that the general index of profitability of all industrial enterprises in China rose to 107.3 points for January to May, 16.4 points up.
Sales of all industrial enterprises grew by 21.7 per cent over one year ago to 2,992.5 billion yuan (US$360.54 billion) during January to May, while taxation grew by 17.1 per cent to 188.4 billion yuan (US$22.7 billion).
After deduction of losses, profits of all industrial enterprises reached 125.4 billion yuan (US$15.11 billion) over January to May, 1.3 times higher. Losses were 61.9 billion yuan (US$7.46 billion), decreasing 7.8 per cent.
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