Profits Down at State-owned Enterprises

By Liu Peng
Published: 2009-08-27

Profits earned by China's state-owned enterprises (SOEs) registered a year-on-year decline of 22.8% in the first seven months of the year, according to a statement posted to the website of the country's finance ministry earlier this week.

The ministry didn't issue figures for July but said that profits made by SOEs in July were down 2 percent from June's.

During the same period, SOE revenues amounted to almost 11.64 trillion yuan ($1.7 trillion), which represented a 4.7 percent drop from a year earlier.

The Ministry also didn't provide any revenue figures for July, but revealed thay revenues in July were down 7.2% on the June figures.

The ministry also included details about the amount of tax contributed to state coffere by SOEs in the report.

In the first seven months, SOEs contributed nearly 1.14 trillion yuan ($166.9 billion) in tax, down 1.7% from a year earlier.

Links and Sources
Ministry of Finance: Report (Chinese)