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Chinese SOE profits up 9.7 pct during Jan.-Feb.

Source:   Time:

BEIJING, March 22 (Xinhua) -- China's state-owned enterprises (SOEs) saw their combined profits expand 9.7 percent year on year to 306.01 billion yuan (48.8 billion U.S. dollars) in the first two months of 2013, the Ministry of Finance (MOF) announced Friday.

Remarkable profit growth was posted by SOEs operating in electronics, electric, petrochemical and automobile sectors. However, some SOEs in the non-ferrous metal, construction material, coal and machinery sectors saw profit declines.

The above-mentioned SOEs represent both centrally administered SOEs and local SOEs under the administration of 36 provinces, autonomous regions, municipalities and cities specifically designated in the state plan.

Centrally administered SOEs' profits were up 17.4 percent year on year to 251.92 billion yuan while local SOEs saw a decline of 16 percent to 54.09 billion yuan in profits in the period.

The aggregate revenue of the SOEs rose 11.3 percent year on year to 6.51 trillion yuan while their total costs hit 6.27 trillion yuan, up 11.7 percent from the previous year, according to an MOF statement.

In the same period, the enterprises' total assets reached 79.88 trillion yuan, up 13.3 percent year on year.

They turned in 630.62 billion yuan in taxes in the first two months, up 8.6 percent year on year, the statement added.

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