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China's SOEs revenue back to growth Jan-Oct

(Xinhua)
Updated: 2009-11-19 11:49

China's state-owned enterprises (SOEs) had seen first year-on-year growth in business revenue this year after declining for nine months, according to the Ministry of Finance (MOF).

For the first 10 months of the year, business revenue of China's SOEs stood at 17.9 trillion yuan (about $2.62 trillion), up 0.5 percent from the same period a year ago, said the MOF in a report released on its website.

Related readings:  SOE presidents value talent training  Mergers drop number of centrally-administered SOEs to 132  SOEs see Jan-Sept profits down 17.6%  Profits in China's SOEs fall 17.6% in first 9 months

Profits of China's SOEs continued to drop, felling 10.6 percent to 1.06 trillion yuan in the first ten months. The decline rate was 7 percentage points lower than that for the first nine months, according to the report.

The figures for October alone was not given in the MOF report, but it said business revenue was 3.9 percent lower than the September level, while profits were up 9.6 percent month-on-month.

In a breakdown, China's central SOEs reported 1.5 percent year-on-year growth in business revenue in the first ten months to 11.2 trillion yuan.

Central SOEs covered 133 centrally-administered SOEs and 82 SOEs affiliated to central departments.

Business revenue of China's local SOEs dropped 1.2 percent to 6.63 trillion yuan in the first ten months, while their profits dipped 17.9 percent to 296.5 billion yuan in the same period.