China's major state-owned enterprises (SOEs) reported a surge of
34.8 percent in combined profits in the first quarter compared with
the same period last year.
The State-owned Assets Supervision and Administration Commission
reported the country's 426 major state-owned enterprises earned 248
billion yuan (US$32.2 billion) in total profits in the first three
months.
More than 74 percent of the profits, or 184 billion yuan, were
made by petrochemical, telecommunications, electricity, metallurgy
and coal companies.
Profits in industries including metallurgy, textiles, auto,
electricity, electronics, chemicals and coal rose above the average
level, with a growth between 38.5 percent and 280 percent.
The SOEs, centrally or provincially administered, recorded 2.663
trillion yuan in aggregate sales revenue, up 17.3 percent on the
same period last year.
Exports surged 27.8 percent to 141 billion yuan, accounting for
5.2 percent of total sales revenue.
(Xinhua News Agency May 4, 2007)