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China's SOEs' profit up 5.9% in Jan-Sep to RMB 1.85 trln

Oct 24, 2014 (China Knowledge) – China's State-owned Enterprises saw their gross profit grow 5.9% year on year to RMB 1.85 trillion in the first nine 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 1.37 trillion in gross profit in the first nine months, 7.1% more than that in the same period of 2013, while local SOEs saw gross profit rose 3.1% year on year to RMB 625.32 billion.


The combined operating revenue of the SOEs was RMB 35.15 trillion during the period from Jan to Sep, up 4.9% year on year. The operating revenue of the centrally controlled enterprises rose 4% year on year to RMB 21.48 trillion, while that of the locally administered SOEs rose 6.2% from a year earlier to RMB 13.66 trillion.


The SOEs' cost and expenditure increased 5.2% to RMB 33.94 trillion during the period.


The automobile and machinery saw sharp year on year increases in profit in the first nine months. However, non-ferrous industry suffered a net loss in the period.

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