August 21, 2014 (China Knowledge) – China's State-Owned Enterprises (SOEs) saw their gross profit grow 9.2% year on year to RMB 1.43 trillion in the first seven months of this year, according to the latest statistics released by the Ministry of Finance.
Chinese SOEs administered by the central government realized a combined RMB 1.05 trillion in gross profit in the first seven months, 10.3% more than that in the same period of 2013, while local SOEs saw gross profit rose 6.4% year on year to RMB 383.93 billion.
The combined operating revenue of the SOEs was RMB 27.22 trillion during the period from Jan to Jul, up 5.8% year on year. The operating revenue of the centrally controlled enterprises rose 4.8% year on year to RMB 16.64 trillion, while that of the locally administered SOEs rose 7.5% from a year earlier to RMB 10.57 trillion.
The SOEs' cost and expenditure increased 6% to RMB 26.26 trillion during the period.
The building materials, transportation and steel saw sharp year on year increases in profit in the first seven months. However, non-ferrous industry suffered a net loss in the period.