Central SOEs profits down 16.4% in H1

BEIJING - China's state-owned enterprises (SOEs) administered by the State-owned Assets Supervision and Administration Commission (SASAC), or central SOEs, posted a net profit drop of 16.4 percent year-on-year in the first half of 2012.

The drop was 2.8 percentage points more than that of the first quarter of this year, according to figures posted on the SASAC's website Friday.

Combined net profits of the 117 central SOEs totaled 387 billion yuan ($61.31 billion) during the period. But the SASAC did not give any explanation for the profit decrease.

The SASAC said revenues for central SOEs rose 9 percent year-on-year to hit 10.57 trillion yuan from January to June.

During the period, the SOEs had 1.02 trillion yuan payable in taxes and fees, up 16.4 percent from last year, according to the SASAC.