Chinese SOEs' profits drop 5.8% in 2012

China's state-owned enterprises (SOEs) saw profits of 2.20 trillion yuan ($348.56 billion) in 2012, down 5.8 percent year on year, the Ministry of Finance (MOF) said Friday.

They pocketed 42.38 trillion yuan in revenues in 2012, up 11 percent year on year, according to an MOF statement.

The SOEs turned in 3.35 trillion yuan in taxes in 2012, up 6.6 percent year on year, the statement said.

Remarkable profit growth was posted by SOEs operating in the power, tobacco and communications sectors. However, some SOEs in the chemical, non-ferrous metal, transportation, construction material and coal sectors posted declines.

The above-mentioned SOEs represent both centrally-administered SOEs and local SOEs under the administration of 36 provinces, autonomous regions, municipalities and cities specifically designated in the state plan.

Centrally-administered SOEs reported profits of 1.50 trillion yuan in 2012, down 0.4 percent year on year. Local SOEs reported 691.42 billion yuan in profits in 2012, down 15.8 percent year on year.

Centrally-administered SOEs reported 26.06 trillion yuan in revenues in 2012, up 10.5 percent year on year. Local SOEs reported 16.32 trillion yuan in revenues, up 11.6 percent year on year.