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China's SOEs see profit down 10.4% in Jan-May

Jun. 18, 2012 (China Knowledge) – China's state-owned enterprises saw their gross profit down 10.4% YoY to RMB 830.13 billion in the first five month of this year, according to the latest statistics released by the Ministry of Finance.

The country's SOEs administered by the central government realized a total of RMB 580.73 billion in the period, down 7.8% than in the same period of 2011, while gross profit from local SOEs dropped 16.1% YoY to RMB 249.4 billion.

From January to May 2012, Chinese SOEs saw their operating revenue amounted to RMB 16.19 trillion, 11.3% more than a year earlier. The operating revenue of the centrally-controlled enterprises increased 11.3% YoY to RMB 10.09 trillion and that of the locally-administered SOEs rose 11.3% to RMB 6.1 trillion.

The SOEs' costs and expenditures for the five month period grew 12.9% YoY to RMB 15.51 trillion of which the operating cost rose 12.7% YoY and the financial cost surged 35.9% YoY. Their average net profit margin on sales was 3.5% in the period, 1.1 percentage points lower than in the same period of 2011. Return on net assets fell 0.7 percentage point year on year to 2.4% during the period.

In the first five month of this year, the tobacco, automobile, post and telecommunication industry saw sharp increases in profit, however, significant decreases in profit recorded in the non-ferrous, chemical, building materials, petrochemical and machinery industry.

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