32 state-owned coal companies report fast-growing profits

The State-owned Assets Supervisionand Administration Commission of the State Council announced Wednesday that 32 state-owned coal companies netted 16.36 billion yuan (1.97 billion US dollars) in profit from January through October, 10.52 billion yuan more than that in the same period last year.

Among all the 32 state-owned companies, only one was in the red, with an 80 million yuan loss, the commission said.

The output value of the 32 companies was valued at 154.46 billion yuan, a year-on-year increase of 51.5 percent, and the income from their primary business reached 176.13 billion yuan, an increase of 55.7 percent.

Coal inventories of the companies was valued at more than 7 billion yuan at the end of October.

Mandated by the State Council, the commission oversees 187 large state-owned companies.

Source: Xinhua