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China's centrally-administered SOEs report profit increase

Source:   Time:

  BEIJING, June 18 (Xinhua) -- The profits of China's centrally-administered state-owned enterprises (SOEs) totaled 421.32 billion yuan (61.9 billion U.S. dollars) in the January-May period, a rise of 76 percent from a year ago, the nation's SOE watchdog said on Friday.

  The profit increase slowed from the 87 percent year-on-year growth during the first four months, according to figures released by the State-Owned Assets Supervision and Administration Commission (SASAC) on its website.

  The sharp profit increase this year was due to last year's lower comparison base when SOEs were hard hit by the global economic recession, according to the SASAC.

  Sales revenues for the SOEs totaled 6.27 trillion yuan for the first five months, a rise of nearly 50 percent from a year ago.

  There are currently 126 centrally-administered SOEs under the SASAC.

  

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