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China’s centrally managed state-owned enterprises (SOEs) saw both earnings and revenue growth in the third quarter (Q3), the country’s state asset regulator said on Tuesday.
Central state-owned companies’ revenue rose 1.5 percent year-on-year to 7.8 trillion yuan (about $ 1.17 trillion) in the third quarter, the Property Assets Supervision and Management Commission said. State (SASAC) at a press conference.
Its net profit in the third quarter totaled 474.8 billion yuan, up 34.5 percent from a year ago, SASAC data showed.
In September alone, central state-owned enterprises saw their revenues hit 2.8 trillion yuan, an expansion of 4.3 percent from the previous year and the highest monthly growth this year, according to SASAC.
Its revenue in the first three quarters fell 4.6 percent from the previous year to 21.1 trillion yuan, a decrease of 1.2 percentage points compared to the contraction of the first eight months.
Meanwhile, the net profit of central state-owned enterprises in the first three quarters fell 13.6 percent year-on-year to 913.35 billion yuan, down from a 24.9 percent decline in the first eight months, according to the SASAC.
“The vast majority of companies basically reversed the unfavorable situation in the first half of the year and returned to the normal path of business development,” SASAC spokesman Peng Huagang said.
This has laid the foundation and strengthened confidence for the achievement of the annual goals, Peng said, citing continuous improvements in production and operation, as well as a rapid recovery of economic benefits.
In the first three quarters, the profit margin for central state-owned companies stood at above 7 percent and reached 9.5 percent in September, the highest in a decade, Peng said.
Net cash flow from operating activities has returned to normal, exceeding 400 billion yuan, it added.
