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Income, tax payments drop at China's State firms

(Agencies)
Updated: 2009-03-25 11:55

China's State-owned enterprises saw a 8.1 percent fall in combined operational income for the first two months of 2009 from a year earlier, hit by the global financial crisis, the Ministry of Finance said late Tuesday.

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State-owned or State-controlled companies under either central governmental departments or local governments posted 2.74 trillion yuan ($401 billion) in operational income in the January-February period, with their combined tax payments falling 7.1 percent to 305 billion yuan, the ministry said in a report.

"In the wake of continuous drops in their profits in the last five months of last year, State-owned enterprises began to record falls in their operational income and taxes for the first time in many years in the January-February period," it said.

"The falls in the enterprises' profits also accelerated, indicating that the impact of the global financial crisis on our country's enterprises is deepening."

China's State-owned firms saw their combined profits dive 43.7 percent from a year earlier to 122 billion yuan in the first two months of this year, according to the ministry's report published on its website, http://www.mof.gov.cn.

Central governmental enterprises saw their profits drop 33.3 percent to 106 billion yuan while local State-owned companies saw profits plunge 72.5 percent to 16 billion yuan, according to the report, which did not clarify whether the profits were net or gross.