China cen­tral SOE prof­its turn around with 4.7pc rise

The Pak Banker - - 6BUSINESS -

Prof­its of China's cen­tral State-owned en­ter­prises or SOEs in the first two months of this year grew 4.7 per­cent from the same pe­riod last year. This marks a turn­around from the 32per­cent slump in prof­its last year over 2014, ac­cord­ing to the head of the reg­u­la­tor of SOEs.

At a me­dia con­fer­ence in Bei­jing on Satur­day, Xiao Yaqing, chair­man of Sta­te­owned As­sets Su­per­vi­sion & Ad­min­is­tra­tion Com­mis­sion or SASAC, re­called that last year's prof­its fell due to the plunge in the prices of crude oil and com­modi­ties. Full-year prof­its of cen­tral SOEs fell 6.9 per­cent last year, Xiao said. In China, cen­tral SOEs con­cen­trate on sec­tors like oil, gas and metal. Out­put of cen­tral SOEs ac­counted for nearly 10 per­cent of China's to­tal cor­po­rate out­put, ac­cord­ing to the SASAC.

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