Net profit at mainland state-owned enterprises jumped 57.1 per cent in the first half to 927.6 billion yuan (HK$1.06 billion), driven by the lucrative nonferrous and power sectors, official figures showed yesterday.
Revenue rose 40.9 per cent to 14.2 trillion yuan, the Ministry of Finance said in a statement on its website.
The bigger profit rises at nonferrous and power companies reflected low bases of comparison in the same period in 2009, the ministry said. Automobile, infrastructure and property sectors continued to post relatively fast growth, but steel, petrochemical, oil and coal companies showed month-on-month declines.
The profit rises at state-owned enterprises reflected the continuing impact of the central government's 4 trillion yuan stimulus package.
According to figures from independent think tank Unirule Institute of Economics, state-owned enterprises' accumulated profit totalled 8.5 trillion yuan from 1994 to 2009. In 2009, profits of state-owned enterprises accounted for one-fourth of the nation's gross domestic product.
Rising profits at many state-owned enterprises are increasing pressure on government for their earnings to be distributed more fairly.