China’s SOEs See Profit Rise 21.9% in Jan-Apr, 2011
OREANDA-NEWS. June 21, 2011. China's state-owned enterprises earned a total combined profit of RMB 908.87 billion in the first five months of this year, 21.9% more than in the same period of last year, according to the latest statistics released by the Ministry of Finance.
In the month of May the SOEs saw profit decrease 0.3% from April.
During the period from January to May, Chinese SOEs administered by the central government realized a combined RMB 628.66 billion in profit, 19.1% more than in the same period of last year, while local SOEs saw profit surge 28.9% year on year to RMB 280.21 billion.
The combined operating revenue of the SOEs was RMB 14.15 trillion in the first five months, up 24.3% year on year. The operating revenue of the centrally-controlled enterprises rose 24% year on year to RMB 9.06 trillion, while that of the locally-administered SOEs rose 25% from a year earlier to RMB 5.09 trillion.
The SOEs' costs and expenditures increased 24.8% from a year earlier to RMB 13.33 trillion in the first five months of this year, while their average net profit margin on sales was 4.8%, 0.2 percentage points lower than in the same period of last year. Return on net assets rose 0.1 percentage points year on year to 3.2% during the period.
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