China SOE prof­its fall 1.6%

China Daily (Canada) - - NEWS CAPSULE -

Prof­its of China’s state-owned en­ter­prises (SOEs) fell 1.6 per­cent year on year to $254 bil­lion dur­ing the first three quar­ters of the year, the Min­istry of Fi­nance said.

The pace of de­cline ac­cel­er­ated from a 1.3-per­cent de­crease in the first eight months.

Dur­ing the Jan­uary-Septem­ber pe­riod, prof­its of SOEs un­der cen­tral gov­ern­ment con­trol dropped 5.4 per­cent from a year ear­lier, while those of lo­cally ad­min­is­tered SOEs rose 8.1 per­cent.

The profit de­cline in SOEs was partly due to the coun­try's drive to re­form its growth model and cut over­ca­pac­ity.

SOE rev­enues hit 32.7 tril­lion yuan in the first nine months, up 0.8 per­cent. The growth rate was higher than the 0.2-per­cent in­crease reg­is­tered in the first eight months.

SOEs in the oil, to­bacco and chem­i­cal engi­neer­ing sec­tors posted sub­stan­tial profit de­clines com­pared with a year ear­lier, while au­to­mo­bile, real es­tate con­struc­tion and elec­tronic com­pa­nies re­ported large profit gains.

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