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BIZCHINA> Top Biz News
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Fall in SOE's profits deepens
By Wang Bo (chinadaily.com.cn)
Updated: 2008-12-23 15:35 The combined net profit of China's State-owned enterprises (SOEs) for the first 11 months of 2008 amounted to 1.2 trillion yuan ($175 billion), down 15.7 percent from a year earlier, Ministry of Finance figures showed. Aggregate sales rose 20.3 percent to 19 trillion yuan.
Total tax payable by the SOEs amounted to 1.59 trillion yuan by November, up 14.4 percent year-on-year. SOEs in the heavy industrial sector, including power generation, nonferrous metal, petroleum and automobile, have seen a sharp decline in their profits since the beginning of the third quarter because of dwindling market demand. (For more biz stories, please visit Industries)
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