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China's SOEs see profit down 12.8% in Jan-Aug

Sep. 18, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit fall 12.8% YoY to RMB 1.38 trillion in the first eight months of this year, according to the latest statistics released by the Ministry of Finance.

During the period from January to August, Chinese SOEs administered by the central government realized a total of RMB 954.23 billion in gross profit, 9.4% less than that in the same period of last year, while local SOEs saw gross profit decrease 19.6% YoY to RMB 424.86 billion.

The combined operating revenue of the SOEs was RMB 26.8 trillion in the first eight months, up 9.7% YoY. The operating revenue of the centrally-controlled enterprises rose 9.3% YoY to RMB 16.53 trillion, while that of the locally-administered SOEs grew 10.3% from a year earlier to RMB 10.27 trillion.
The SOEs' costs and expenditures increased 11.5% from a year earlier to RMB 25.59 trillion in the first eight months of this year, while their average net profit margin on sales was 3.8%, 1.1 percentage point lower than that in the same period of last year. Return on net assets fell 1.2 percentage point YoY to 3.9% during the period.

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