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Profits in China's SOEs exceed one trillion yuan

(Xinhua)
Updated: 2007-01-27 14:13

Total profits of China's state-owned enterprises (SOEs) reached 1.1 trillion yuan (137.5 billion U.S. dollars) last year, up 19.7 percent over 2005, according to the Ministry of Finance.

SOEs reported 13.7 trillion yuan in sales volume, ayear-on-yearincrease of 19.5 percent.

SOEs involved in building materials reported 150.5 percent annual growth in profits, while those in power reported 53 percent and textiles 56.2 percent.

In the auto industry the growth was 37.5 percent, in petrochemicals 15.6 percent, and machinery 45 percent.

The 159 central SOEs under the central government made profits of 770 billion yuan in 2006, up 18.1 percent.

The government has been pushing the restructuring and sale of SOEs over the last three years. The number of central SOEs has dropped from 196 to 159 and will be down to around 100 by 2010.