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MNI POLICY: China SOE Profits More Than Double on Recovery

MNI (London)
     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
[TOPICS: M$A$$$,M$Q$$$,MC$$$$,MI$$$$,MGQ$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
USAPACPolicy NewsFiscalGovernment sectorChina Market NewsChinaJapanAustraliaNew ZealandPolitical RiskRegionNorth America
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
USAPACPolicy NewsFiscalGovernment sectorChina Market NewsChinaJapanAustraliaNew ZealandPolitical RiskRegionNorth America
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