SHANGHAI :
Chinese SOEs Returned to Normal Profit Growth in May
Xu Wei
DATE:  Jun 29 2020
/ SOURCE:  Yicai
Chinese SOEs Returned to Normal Profit Growth in May Chinese SOEs Returned to Normal Profit Growth in May

(Yicai Global) June 29 -- Chinese state-owned enterprises reported basically similar profit growth last month as a year earlier as the country bounced back from the Covid-19 pandemic impacts, according to official data.

Gross profits nearly quadrupled from a month earlier, the finance ministry said today. SOEs' revenues climbed 4 percent from April, proving nearly similar growth as between May and April 2019.

SOEs' main economic indicators showed that the firms were narrowing their declines in the first five months of this year, the ministry added.

From January to May, SOEs' gross profits fell 53 percent to CNY663.1 billion (USD93.7 billion) from a year ago, but the decline was 10 percentage points smaller when compared to the first four months of this year, according to the ministry. Their operating incomes decreased by 8 percent to CNY21.84 trillion (USD3.09 trillion).

Editor: Emmi Laine

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Keywords:   Profit,State-owned Enterprise,MOF