SOE profits edge up 1.7% in 2016
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.