China's central SOEs report revenue, profit growth in Q3

Source: Xinhua| 2020-10-20 19:39:15|Editor: huaxia

BEIJING, Oct. 20 (Xinhua) -- China's centrally administered state-owned enterprises (SOEs) saw both profit and revenue growth in the third quarter (Q3), the country's state-asset regulator said Tuesday.

Revenues of central SOEs rose 1.5 percent year on year to 7.8 trillion yuan (about 1.17 trillion U.S. dollars) in Q3, the State-owned Assets Supervision and Administration Commission (SASAC) said at a press conference.

Their net profits in Q3 totaled 474.8 billion yuan, up 34.5 percent from a year ago, SASAC data showed.

In September alone, central SOEs saw their revenues hit 2.8 trillion yuan, a 4.3-percent expansion from a year ago and the highest monthly growth this year, according to the SASAC.

Their revenues in the first three quarters edged down 4.6 percent from a year earlier to 21.1 trillion yuan, narrowing by 1.2 percentage points compared with the contraction in the first eight months.

Meanwhile, the net profit of central SOEs in the first three quarters dropped 13.6 percent year on year to 913.35 billion yuan, as against a decline of 24.9 percent in the first eight months, according to the SASAC.

"The vast majority of enterprises basically reversed the unfavorable situation in the first half of the year and returned to the normal track of business development," said SASAC spokesperson Peng Huagang.

This has laid a foundation and strengthened confidence for the realization of annual goals, said Peng, citing continued improvements in production and operation as well as rapid recovery in economic benefits.

In the first three quarters, the profit margin of central SOEs stood 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 level by exceeding 400 billion yuan, he added. Enditem