State-owned companies have suffered a 20% drop in profits since last year, Dow Jones reported. China’s Ministry of Finance published statistics that showed that the combined profit earned SOEs between January and August has dropped to RMB813.51 billion (US$119.16 billion), 20% down from the first eight months of 2008. The MoF did not reveal how much SOEs had lost month by month, but did say that August’s net profits rose 4.3% from July, a sign that "overall economic gains are veering towards the positive direction." The biggest decline in profit was seen in at China’s state-owned coal companies.
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