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Profit of SOEs hits US$12.5b in first quarter
(Xinhua)
Updated: 2004-04-20 08:54
China's 190 major State-owned enterprises (SOEs) made a combined profit of
103.5 billion yuan (US$12.5 billion) in the first quarter, reaching a record
growth rate of 27.3 percent year on year.
According to the financial bulletin released Monday by the State Assets
Supervision and Administration Commission of the State Council (SASAC), sales
volume of the major SOEs was 1,152.8 billion yuan from January to March, up 24.6
percent over the first quarter of 2003.
The statistics showed that the profit of SOEs in the industries of oil,
petrochemical and metallurgy maintained rapid growth, in industries of
communication, electricity and coal continued to grow steadily, and in sectors
of war industry, equipment manufacturing, trade and construction improved
gradually.
The SASAC began to implement an evaluation system in all the SOEs on January
1, 2004, aiming to ensure the growth of the State-owned assets.
The reform would focus on internal management, reducing costs and effectively
controlling fixed assets investment of the SOEs, so as to further improve their
performance and profits, said sources with the SASAC.
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