Mar. 20, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit fall 10.9% year on year to RMB 363.5 billion in the first two months of this year, according to the latest statistics released by the Ministry of Finance
Chinese SOEs administered by the central government realized a combined RMB 211.97 billion in gross profit during the period, 11.5% less than that in the same period of 2011, while local SOEs saw gross profit slide 10% year on year to RMB 51.53 billion.
The combined operating revenue of the SOEs was RMB 7.5 trillion during the period from January to February, up 9.9% year on year. The operating revenue of the centrally-controlled enterprises rose 13.5% year on year to RMB 3.77 trillion, while that of the locally-administered SOEs rose 6.4% from a year earlier to RMB 3.73 trillion.
The SOEs' costs and expenditures increased 16.9% to RMB 7.18 trillion during the period, while their average net profit margin on sales was 3.5%, 1.0 percentage point lower than that in the same period of last year. Return on net assets fell 0.3 percentage point year on year to only 1.1% during the period.
The tobacco, post and telecommunication industry saw sharp increases in profit in the first two months, while significant decreases in profit recorded in the steel, petrochemical, construction, real estate and machinery industry.