China’s state-owned enterprises earned 10% less in the first 5 months

Xinhua reports that the Chinese Finance Ministry announced that in the first five months this year, total operating income of, and taxes and fees payable by, state-owned and state-holding enterprises grew slowly and their profits continued to decrease, being 10.4% lower than last year.

Data shows that from January to May, state-owned enterprises’ total accumulated realised profit amounted to 830.13 billion yuan (US$159.11 billion), dropping 11.8% in May from April. Among them, central enterprises total accumulated realised profit amounted to 580.73 billion yuan (US$107.44 billion), 7.8% less than last year dropping 16.3% in May from April. Local state-owned enterprises’ total accumulated realised profit amounted to 249.4 billion yuan (US$46.1 billion), 16.1% less than last year, dropping 1.9% in May from April.

Regarding total operating income, from January to May, state-owned enterprises’ total accumulated realised operating income amounted to 16,194.32 billion yuan (US$ 2,995.95 billion), 11.3% more than last year, rising 3.7% in May from April. Among them, central enterprises’ total accumulated realised operating income amounted to 10,094.53 billion yuan (US$ 1,867.49 billion), 11.3% more than last year, rising 3% in May from April. Local state-owned enterprises’ total accumulated realised operating income amounted to 6,099.79 billion yuan (US$ 1,128.46 billion), 11.3% more than last year rising 4.8% in May from April.

As for taxes and fees payable, from January to May, state-owned enterprises’ taxes and fees payable amounted to 1,377.62 billion yuan (US$254.86 billion), 6.1% more than last year, such taxes and fees dropped 5.9% in May from April. Taxes and fees paid amounted to 1,555.48 billion yuan (US$287.76 billion), 14.6% more than last year. The amount dropped 7% in May from April. As for their profitability, from January to May, state-owned enterprises’ total costs amounted to 15,505.58 billion yuan (US$2,868.53 billion), 12.9% more than last year. Among them, operating costs rose 12.7% over the previous year, while sales expense, management expense and financial expense respectively rose 12.2%, 9.8% and 35.9% over the previous year.

In terms of industries, in the first 5 months, tobacco, automobile, commercial trading, and post and telecommunications industries achieved relatively high growth in realised profit over the previous year; metallurgical, chemical, construction materials, machinery and petrochemical industries suffered relatively big reduction in realised profits.



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