Major state-owned enterprises see slower growth in profits last year

Major state-owned enterprises in China garnered 889 billion yuan (115.5 billion U.S. dollars) last year, a growth of 18.6 percent over the previous year.

According to latest data provided by the State-owned Assets Supervision and Administration Commission, the growth rate was 3.6 percentage points lower than the year-earlier level.

The major state-owned enterprises number 445, including 159 central enterprises.

Last year the major state-owned enterprises from electric power, nonferrous metal, textile, building materials, motor vehicle, foreign trade, light industrial and machinery sectors posted a profit growth higher than the average for the 445, while those from transport and electronics sectors suffered a profit decline.

The 445 enterprises realized 1.04 trillion yuan (135.1 billion U.S. dollars) in takings for their main business, up 19.3 percent, and 0.5 percentage points quicker, the commission sources said.

Their foreign sales amounted to 566.1 billion yuan (73.5 billion U.S. dollars, including transport cost and insurance premiums), up 34 percent year-on-year, the sources added.

Source: Xinhua