Top Biz News

China's central SOEs report 14.6% growth in 2009 profits

(Xinhua)
Updated: 2010-01-21 09:54

China's centrally-administered State-owned enterprises (SOEs) under the supervision of the state assets watchdog posted a 14.6 percent rise in profits from a year earlier in 2009, the watchdog said Wednesday.

The SOEs reaped 797.72 billion yuan ($116.8 billion) in profits in 2009, the State-owned Assets Supervision and Administration Commission (SASAC) said in a statement on its website.

The business revenue totalled 12.6 trillion yuan last year, up 6 percent year-on-year, according to the statement.

Profits of these SOEs stood at 710.96 billion yuan in the first 11 months of last year, up 3.4 percent year-on-year. The first 10 months saw a drop of six percent in profits which was 633.78 billion yuan.

"The central SOEs have overcome great difficulties and maintained stable operation this year on stimulus packages though the economic crisis dampened external demand," SASAC's director Li Rongrong said on Jan 7 at a conference attended by senior executives of the central SOEs.

He stressed that focusing on pillar business would be the SOEs' top priority for 2010, and required the SOEs to make more efforts on technological innovation and workforce building.

SASAC's deputy director, Huang Shuhe said on the same day that the centrally-administered SOEs should be vigilant of investment risks and maintain stable operation while resist the temptation of short-term profits.

"Enterprises should be particularly prudent of investing in the risky stock, futures and property markets," he said.