Centrally administered SOEs profits rise 3.6%

Updated: 2011-12-19 13:33


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BEIJING - China's centrally-administered State-owned enterprises (SOEs) reported net profits of 831.79 billion yuan ($131.4 billion) during the first 11 months of 2011, up 3.6 percent year-on-year, the country's SOEs regulator said Monday.

The growth rate was sharply down from the 50.1-percent increase recorded during the corresponding period of 2010. Only 69.5 percent of centrally administered SOEs posted year-on-year profit increases during the first 11 months of the year, said Wang Yong, director of the State-owned Assets Supervision and Administration Commission.

Revenues of centrally administered SOEs climbed 22.6 percent year-on-year to reach 18.4 trillion yuan during the Jan-Nov period, a growth rate slower than the 34.7-percent surge reported during the same period last year, Wang said.

Despite growth rate declines, the companies handed in 1.52 trillion yuan of taxes from January to November, an increase of 24.8 percent from one year earlier, he added.