Apr. 19, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit jump 32.2% month on month in March this year, according to the latest statistics released by the Ministry of Finance
In the first three months, the SOEs' gross profit fell 9.1% year on year to RMB 482.86 billion.
Chinese SOEs administered by the central government realized a combined RMB 345.6 billion in gross profit in the first quarter, 7% less than that in the same period of 2011, while local SOEs saw gross profit slide 14.2% year on year to RMB 137.26 billion.
The combined operating revenue of the SOEs was RMB 9.46 trillion during the period from January to March, up 12.9% year on year. The operating revenue of the centrally-controlled enterprises rose 13.5% year on year to RMB 5.97 trillion, while that of the locally-administered SOEs rose 11.8% from a year earlier to RMB 3.49 trillion.
The SOEs' costs and expenditures increased 14.6% to RMB 9.05 trillion during the period, while their average net profit margin on sales was 3.7%, 1.0 percentage point lower than that in the same period of last year. Return on net assets fell 0.4 percentage point year on year to only 1.4% during the period.
The tobacco, automobile, power, post and telecommunication industries saw sharp increases in profit in the first three months, while significant decreases in profit recorded in the steel, chemical, building materials and nonferrous metal industries.