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Decline slows in profits of China's central SOEs

(Xinhua)
Updated: 2009-08-25 21:16

BEIJING: Profits of companies controlled by China's central government continued to fall in the first seven months, but at a slower pace, the state-owned enterprise (SOE) watchdog said Tuesday.

Related readings:  SOE executives' pay rises should be in line with employees'  Strengthen SOE employees' unions  Profits of China's SOEs down 27% in H1  SOEs profits drop 22.8% in first seven months China's SOEs see smaller profit decline in first 5 months

The 136 SOEs directly controlled by the central government generated total profits of 398.35 billion yuan (US$58.31 billion) from January to July, down 20.9 percent year on year.

The decline was 5.3 percentage points lower than the January-June figure, according to the State-owned Assets Supervision and Administration Commission (SASAC).

The profits for July alone were 80.98 billion yuan, a rise of 7.7 percent from June.

Sales revenue in the first seven months fell 6.2 percent from the same period a year ago to 6.39 trillion yuan. The decrease was 0.1 percentage points lower than the first half.