SOE profits edge up 1.7% in 2016

China Daily (Canada) - - NEWS CAPSULE -

Com­bined profits of Chi­nese state-owned en­ter­prises (SOEs) rose 1.7 per­cent year-on-year in 2016, a sharp con­trast to the 6.7-per­cent drop in 2015, of­fi­cial data showed.

Last year, to­tal SOE profits were $338 bil­lion (2.32 tril­lion yuan), the Min­istry of Fi­nance said in a state­ment. Profits of SOEs un­der cen­tral gov­ern­ment con­trol fell 4.7 per­cent, while those for lo­cally ad­min­is­tered SOEs climbed 16.9 per­cent year-on-year.

Build­ing ma­te­ri­als, trans­port and real es­tate com­pa­nies posted strong in­creases, while tex­tile, oil, to­bacco and petro­chem­i­cal SOEs re­ported ma­jor drops. Losses were re­ported in the steel, chem­i­cal and non­fer­rous metal sec­tors, the state­ment said.

SOE rev­enues in­creased 2.6 per­cent year on year to 45.9 tril­lion yuan. Op­er­at­ing costs were up 2.5 per­cent to 44.99 tril­lion yuan. Tax re­ceipts from the com­pa­nies dropped 0.7 per­cent.

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