Profits of Chinese SOEs drop amid coronavirus resurgences-Xinhua

Profits of Chinese SOEs drop amid coronavirus resurgences

Source: Xinhua

Editor: huaxia

2022-05-27 18:41:28

BEIJING, May 27 (Xinhua) -- The combined profits of China's state-owned enterprises (SOEs) declined in the January-April period owing to a high comparison base in the same period last year and sporadic resurgences of COVID-19, official data showed Friday.

Combined profits of the SOEs dropped 3.6 percent year on year to 1.28 trillion yuan (about 190 billion U.S. dollars) in the first four months of the year, according to data from the Ministry of Finance.

The SOEs raked in 24.57 trillion yuan in operating revenue in the January-April period, up 9.8 percent from the same period last year.

The total profits of China's centrally administered SOEs rose 3.8 percent from a year earlier to 986.22 billion yuan in the period, and their operating revenue was up 11.8 percent to 14.14 trillion yuan.

At the end of April, the SOEs' ratio of liabilities to assets came in at 64.5 percent, up 0.2 percentage points from a year earlier.