Chinese key state companies profit up 16.6 pct in first 8 months

Chinese key state-owned companies made a profit of 580.59 billion yuan (73.49 billion U.S. dollars) in the first eight months this year, up 16.6 percent year-on-year, said official sources.

The growth rate is respectively 10 percentage points and 2.8 percentage points higher than that in the first quarter and the first half year, show statistics with the State-owned Assets Supervision and Administration Commission of the State Council.

Automobile making, non-ferrous metal and power supply are the three sectors with the fastest growth. The growth rate of profit for the three sectors is 64.1 percent, 59.2 percent and 48.1 percent respectively in the eight months.

Figures show that the key state-owned companies reported sales revenues of 6,549.1 billion yuan (829 billion U.S. dollars) in the period, up 19.6 percent over the same period last year.

In the first eight months, exports of those companies reached 348.89 billion yuan (44.16 billion U.S. dollars), up 32 percent year-on-year. The electronic industry reported exports of 112.37 billion yuan (14.2 billion U.S. dollars) in the period with a year-on-year increase of 57.5 percent.

Source: Xinhua