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26 Apr 2016
China’s SOEs profits declined 13.8% y/y in Q1 2016
China's state-owned enterprises (SOEs) booked a combined profit of CNY432.3 billion in Q1, down 13.8% y/y, MNI reports the Ministry of Finance release.
Total revenue for SOEs in Q1 was CNY9.95 trillion, down 3% y/y, MOF said. However, the rates of decline slowed by 0.4 and 2.8 percentage points, respectively, from the previous period.
Industries including coal, steel and non-ferrous sectors continued to suffer losses, while petrochemical and medical sectors booked relatively high growth in profits.
Total revenue for SOEs in Q1 was CNY9.95 trillion, down 3% y/y, MOF said. However, the rates of decline slowed by 0.4 and 2.8 percentage points, respectively, from the previous period.
Industries including coal, steel and non-ferrous sectors continued to suffer losses, while petrochemical and medical sectors booked relatively high growth in profits.