Business / Industry Watch

SOEs revenues up, profits growth down in 2013

By Yao Jing ( Updated: 2014-01-22 15:58

China's State-owned nonfinancial companies reported annual gross revenue growth of 10.1 percent in 2013, while their profit increase dropped 5.9 percent, according to the Ministry of Finance.

Government-owned companies experienced a year-on-year profit increase of 7.4 percent. They contributed 1.67 trillion yuan ($276.2 billion) to the total income created by State-owned nonfinancial companies, which totaled 2.41 trillion yuan in 2013, the ministry said on Tuesday.

Meanwhile, locally administered State-owned enterprises had an increase of 2.7 percent to 739.77 billion yuan in profit.

The total business revenues of SOEs climbed to 46.47 trillion yuan last year.

The transport, electronics, auto and real estate sectors showed outstanding growth. However, non-ferrous metals, coal mining, chemicals and machinery sectors posted declines.

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