China's SOEs see profits up 24% in Jan-July
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Xinhua, August 18, 2011
China's State-owned enterprises (SOEs) reported a profit increase of 24.4 percent year-on-year for the first seven months of this year, the Ministry of Finance said Wednesday.
Profits totaled 1.34 trillion yuan ($207.81 billion), of which, 909.51 billion yuan was made by centrally administered SOEs, the ministry said in a statement on its website.
Revenues rose by 25.2 percent year-on-year to 20.65 trillion yuan during the first seven months.
The SOEs turned in taxes of 1.83 trillion yuan, up 26.1 percent from one year earlier. Their production costs increased by 25.2 percent to 19.47 trillion yuan during the same period, the statement said.
The building material, chemical engineering, non-ferrous metals and coal sectors reported big year-on-year gains in profits for the first seven months, while machinery manufacturing and steel SOEs posted month-on-month declines in profits.
