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Chinese SOEs reports slower profit growth

Source:   Time:

BEIJING, May 22 (Xinhua) -- China's state-owned enterprises (SOEs) saw their total profit growth slow to 5.3 percent year on year in the first four months, according to official data released Wednesday.

The Ministry of Finance (MOF) said in a statement that their combined profits stood at 689.13 billion yuan (111.32 billion U.S. dollars) from January to April.

The growth slowed from 7.7 percent in the first quarter, data showed.

SOEs administered by the central government posted a profit growth of 12.8 percent year on year in the first four months, while local SOEs suffered a decline of 14.7 percent.

In the same period, the SOEs' total revenues rose 10.2 percent year on year to 14 trillion yuan. The revenues of centrally-administered SOEs increased 9 percent, while revenues for local ones rose 12.3 percent.

The ministry said SOEs in the power, electronics and housing construction sectors reported relatively fast profit growth, while those in the transportation, non-ferrous metal, coal, chemical and construction material sectors saw profit declines.

Data from the National Bureau of Statistics showed that China's economic growth slowed to 7.7 percent in the first quarter, down from 7.9 percent in the last quarter of 2012.

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