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Chinese SOE profits drop 8.3% in first 10 months

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BEIJING, Nov. 15 (Xinhua) -- Profits at China's state-owned enterprises (SOEs) fell 8.3 percent year on year to 1.75 trillion yuan (277.78 billion U.S. dollars) in the first 10 months of the year, the Ministry of Finance said Thursday.

The profits of centrally administered SOEs slid 3 percent from a year earlier to 1.25 trillion yuan in the first 10 months, while SOEs under local governments saw profits decrease by 19.3 percent to 501.2 billion yuan.

Chinese SOEs saw their revenues grow 10 percent year on year to 33.79 trillion yuan in the first 10 months, the statement said.

Their net sales margin ratio came in at 3.8 percent, down 0.9 percentage points from a year ago, while the rate of return on equity was 4.9 percent, down 1.1 percentage points year on year.

During the first 10 months, the electricity, tobacco, auto and electronics industries saw large profit gains, while the transportation, chemicals, construction materials, nonferrous metals and machinery industries experienced steep declines.

The report did not include SOEs in the financial sector.

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