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China's SOEs profit up 2.8% in Sep

Oct. 19, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit grow 2.8% MoM in September, according to the latest statistics released by the Ministry of Finance.

In the first nine months of this year, the country's SOEs earned RMB 1.55 trillion in gross profit, 11.4% less than that in the same period of last year, and booked RMB 1.14 trillion in net profit.

During the period from January to September, Chinese SOEs administered by the central government realized a combined RMB 1.09 trillion in gross profit, 7% lower than that in the same period of last year, while local SOEs saw gross profit plunge 20.4% YoY to RMB 455.54 billion.

The combined operating revenue of the SOEs was RMB 30.29 trillion in the first nine months, up 9.5% YoY. The operating revenue of the centrally-controlled enterprises rose 9.3% YoY to RMB 18.81 trillion, while that of the locally-administered SOEs rose 9.7% from a year earlier to RMB 11.48 trillion.
The SOEs' costs and expenditures increased 11.1% from a year earlier to RMB 28.94 trillion in the first nine months of this year. While their average net profit margin on sales was 3.8%, 1% less than that in the same period of last year. Return on net assets fell 1.2% YoY to 4.4% during the period.

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