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China's SOEs see profit down 11.6% in H1

Jul. 17, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit down 11.6% YoY to RMB 1.02 trillion in the first six months of this year, according to the latest statistics released by the Ministry of Finance.

These SOEs' net profit totaled RMB 744.22 billion in the first half.

The country's SOEs administered by the central government realized a total of RMB 695.21 billion in the period, down 10.4% from the same period of 2011, while gross profit from local SOEs dropped 13.9% YoY to RMB 325.16 billion.
From January to June 2012, Chinese SOEs saw their operating revenue amount to RMB 19.85 trillion, 11.1% more than a year earlier. The operating revenue of the centrally-controlled enterprises increased 10.5% YoY to RMB 12.35 trillion and that of the locally-administered SOEs rose 12% to RMB 7.50 trillion.
The SOEs' costs and expenditures for the six-month period grew 12.8% YoY to RMB 18.92 trillion, of which the operating cost rose 12.5% YoY and the financial cost surged 43.1% YoY. Their average net profit margin on sales was 3.8% in the period, 1.1 percentage points lower than in the same period of 2011. Return on net assets fell 0.9 percentage points YoY to 2.9% during the period.

In the first six months of this year, the tobacco, automobile, post and telecommunication industry saw sharp increases in profit, however, significant decline in profit recorded in the non-ferrous metal, chemical, building materials, petrochemical and transportation industries.

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