State firms' profits up 45% in Jan-Nov

Profits of China’s state-owned enterprises rose 43.1% year-on-year in the first eleven months of 2010, state media reported, citing statistics from the Ministry of Finance (MoF). Their combined revenues totaled US$4.1 trillion, generating US$335.1 million in tax payments. However, profits declined 2.6% month-on-month in November. The MoF statement said industries that posted profit growth included real estate, electricity production, tobacco, non-ferrous metals and pharmaceuticals while transport, textiles, electronics and petrochemicals saw profits decline, pulling down the total profitability of the state-owned sector. The figures included enterprises directly controlled by the central government and by local governments, but excluded state-owned financial institutions.