Chinese SOEs' profits drop 5.8% in 2012

BEIJING - China's state-owned enterprises saw profits of 2.20 trillion yuan ($348.56 billion) in 2012, down 5.8 percent year-on-year, the Ministry of Finance said Friday.

They pocketed 42.38 trillion yuan in revenues in 2012, up 11 percent year-on-year, according to an MOF statement.

The SOEs turned in 3.35 trillion yuan in taxes in 2012, up 6.6 percent year-on-year, the statement said.

Remarkable profit growth was posted by SOEs operating in the power, tobacco and communications sectors. However, some SOEs in the chemical, non-ferrous metal, transportation, construction material and coal sectors posted declines.

The above-mentioned SOEs represent both centrally-administered SOEs and local SOEs under the administration of 36 provinces, autonomous regions, municipalities and cities specifically designated in the state plan.

Centrally-administered SOEs reported profits of 1.50 trillion yuan in 2012, down 0.4 percent year-on-year. Local SOEs reported 691.42 billion yuan in profits in 2012, down 15.8 percent year-on-year.

Centrally-administered SOEs reported 26.06 trillion yuan in revenues in 2012, up 10.5 percent year-on-year. Local SOEs reported 16.32 trillion yuan in revenues, up 11.6 percent year-on-year.

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Chinese SOE profits decline