SOEs record slower profit growth in April

Source: Xinhua | 2017-05-25

PROFIT growth at China’s state-owned enterprises slowed in April, official data showed yesterday.

SOEs made combined profits of 824.8 billion yuan (US$119.7 billion) between January and April, up 24.8 percent from the same period a year ago, the Ministry of Finance said in a statement on its website.

The growth slowed from a 37.3 percent jump in the first quarter of this year but improved on a 1.7 percent decline in the same four months of 2016.

Centrally owned SOEs posted a profit rise of 14 percent year on year in the first four months, while those owned by local governments reported a 61.3 percent increase.

Combined revenue for the SOEs climbed 17.5 percent year on year to 15.58 trillion yuan while their operating costs rose 16.7 percent to 15.05 trillion yuan in the first four months.

Oil and petrochemical firms saw relatively large profit growth, while machinery and power generation firms suffered sharp profit drops.

The slower profit growth echoed other economic indicators, which suggested a moderation of growth momentum in April.