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China's SOEs see profit rise 57.3% M-O-M in Dec

Jan. 19, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit surge 57.3% month on month in December, according to the latest statistics released by the Ministry of Finance.

Last year, the country's SOEs earned RMB 2.26 trillion in gross profit, 12.8% more than that in 2010, and booked RMB 1.69 trillion in net profit.

Chinese SOEs administered by the central government realized a combined RMB 1.50 trillion in gross profit last year, 11.5% more than that in 2010, while local SOEs saw gross profit grow 15.6% year on year to RMB 753.36 billion.

The combined operating revenue of the SOEs was RMB 36.79 trillion last year, up 21.5% year on year. The operating revenue of the centrally-controlled enterprises rose 20.9% year on year to RMB 23.18 trillion, while that of the locally-administered SOEs rose 22.7% from a year earlier to RMB 13.61 trillion.
The SOEs' costs and expenditures increased 22.4% to RMB 34.90 trillion last year, while their average net profit margin on sales was 4.6%, 0.4 percentage point lower than that in 2010. Return on net assets fell 0.1 percentage point year on year to 7.4% during the period.

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