Profits of key SOEs up 18.2%
(Xinhua)
Updated: 2006-10-28 11:49
The profits of China's key State-owned enterprises (SOEs) rose 18.2 percent
year on year to 664.36 billion yuan (83 billion U.S. dollars) in the first nine
months of this year, according to latest official data.
Statistics from
the National Development and Reform Commission (NDRC), a macroeconomic
management agency under the State Council, showed that the growth rate was 4.4
percentage points higher than the first six months of this year, or 1.8
percentage points faster than the same period of last year.
NDRC said
the profit growth rates of automobile, non-ferrous metal, building material,
power, machine-building, oil and petrochemical and foreign trade sectors were
faster than other sectors.
In January-September, NDRC data showed,
business revenues of the key SOEs amounted to 748 billion yuan, an increase of
19.4 percent from the corresponding period of 2005.
NDRC attributed the
faster profit growth of the key SOEs to decreasing production cost thanks to the
fall of resource products prices in the upper stream. (For more biz stories, please visit Industry Updates)
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