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China's SOEs' profit down 8% to RMB 499.73 billion in Q1

Apr 24, 2015 (China Knowledge) - China's State-owned Enterprises or generally known as SOEs saw their gross profit went down 8% year on year to RMB 499.73 billion in the first quarter 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 390.95 billion in gross profit in the period, 9.9% less than that in a year earlier, while local SOEs saw gross profit declined 0.4% year on year to RMB 108.78 billion.

The combined operating revenue of the SOEs was RMB 10.32 trillion in the first three months, down 5.1% year on year. The operating revenue of the centrally controlled enterprises declined 7% year on year to RMB 6.32 trillion, while that of the locally administered SOEs went down 4.2% from a year earlier to RMB 4 trillion.

The SOEs' cost and expenditure decreased 5.1% to RMB 10.03 trillion in the three-month period.

As the end of Mar, China's SOEs' total assets totaled RMB 105.49 trillion, including RMB 55.47 trillion from centrally controlled enterprises, up 10.5% from a year earlier.

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