Chinese SOE’s grew steady in Q1
Commission for Supervision and Management of State-Owned Properties in China reported that the operating income of the 469 state-owned enterprises (SOE) in the country reached RMB 1.9 trillion ($226.9 billion) through the first quarter of 2005. The figure marks a 20.9% year on year increase. The profits of Chinese SOEs increased 23% year on year and reached RMB 172.6 billion ($20.8 billion) in the first quarter. The most profitable SOEs were the ones acting in nonferrous metal, coal, chemical, petroleum and petrochemical, transportation and metal industries. The companies acting in these sectors saw more than 25% year on year increase in their operating income for the period. The sales in the period accounted for 97.4% of the production. The sales/output ratio in the first quarter of 2004 was 96.8%. The recently enacted macro-economic measures by the government of Beijing led to a 7.7% decline in the stocks held by the state-owned enterprises of China, compared to the fourth quarter of 2004. On the other hand, the figure is 19% higher than that of the first quarter 2004. Steel, electronics and chemical industries saw the largest decline in the stocks they held.