MNI POLICY: China SOE Profits More Than Double on Recovery

     BEIJING (MNI) - Profits made by China's state-owned and -controlled

companies surged in May from April to near the same level as a year ago as major

indicators significantly improve, the Ministry of Finance said in a statement on

its website on Monday.

     China's SOEs last month collectively made 251.1% of the profits seen in

April, or 94.5% of the level a year ago, according to the ministry's statement.

Total revenues in May were 98.6% of those from a year ago, according to the

ministry. 

     Combined profits from the first five months were still down 52.7% y/y to

CNY663 billion, with central government SOE's making up about 80% of the total

and local SOEs accounting for the rest, according to the data.

     The data excluded those of financial firms, the ministry said. 

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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