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China's SOEs profit up 5.7% in Nov

Dec. 17, 2012 (China Knowledge) - China's state-owned enterprises saw their gross profit grow 5.7% MoM in November, according to the latest statistics released by the Ministry of Finance.

In the first eleven months of this year, the country's SOEs earned RMB 1.94 trillion in gross profit, 7% less than that in the same period of last year.

During the period from January to November, Chinese SOEs administered by the central government realized a combined RMB 1.37 trillion in gross profit, 1% lower than that in the same period of last year, while local SOEs saw gross profit plunge 18.7% YoY to RMB 576.67 billion.

The combined operating revenue of the SOEs was RMB 37.94 trillion in the first eleven months, up 10.9% YoY. The operating revenue of the centrally-controlled enterprises rose 9.7% YoY to RMB 23.28 trillion, while that of the locally-administered SOEs rose 12.8% from a year earlier to RMB 14.65 trillion.
 
The SOEs' costs and expenditures increased 11.6% from a year earlier to RMB 36.3 trillion in the first eleven months of this year. While their average net profit margin on sales was 3.8%, 0.8% less than that in the same period of last year. Return on net assets fell 1.2% YoY to 5.4% during the period.







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