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Income of State Owned Companies Grew 9.9 Percent in January and February

The Ministry of Finance published the January and February financial report on State Owned Enterprises (SOE). The report indicated that in the first two months of 2012, the SOE’s income was 7.5 trillion yuan, which was 9.9 percent higher than the same period last year. The SOE’s profits amounted to 363.5 billion yuan, which was down 10.9 percent from the previous year. Profits for SOEs for the full year of 2011 were 2.2 trillion yuan, which was up 12.8 percent from 2010. The industries that had the largest growth in profits were tobacco, posts & telecommunications, while steel, petroleum & petrochemical, real estate construction, and mechanical industries had the largest declines in profits.

The SOEs included State-controlled share-holding companies, 117 central enterprises, and those SOEs at the local levels. The report did not include the State Owned Finance Industry.

Source: Xinhua, March 20, 2012