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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China: Profit at state companies down last year AP - Sunday, September 20 Send IM Story Print BEIJING – Profit at China's top state-owned companies fell 30 percent last year, hurt by the global financial crisis, but assets have increased. The 141 banks, airlines, oil producers and other companies controlled by the central government reported net profit of 696.18 billion yuan ($102 billion) last year, down 30.8 percent from the previous year, the official Xinhua News Agency said Sunday. The report cited the Cabinet's State-owned Assets Supervision and Administration Commission as saying the assets of the companies grew for the fifth consecutive year since 2004 and were worth 5.56 trillion yuan ($814 billion) at the end of last year, up 8.6 percent from the previous year. SASAC owns China's biggest, most prominent companies, including China National Petroleum Corp., China Mobile Ltd., Industrial & Commercial Bank of China Ltd., China Life Insurance Ltd. and Air China Ltd. Beijing's 4 trillion yuan ($586 billion) stimulus helped to accelerate second-quarter economic growth to 7.9 percent over a year earlier, up from the previous quarter's 6.1 percent expansion. State-owned companies have received a big share of the stimulus, which is meant to reduce reliance on exports by boosting domestic demand through higher spending on construction of highways and other public works. ___ On the Net: State-owned Assets Supervision and Administration Commission (in Chinese): http://www.sasac.gov.cn Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 1 hour 53 minutes ago Dragon Oil to request takeover bid ruling-report Reuters - 2 hours 16 minutes ago Anglo not asking for Xstrata bid order: source Reuters - Monday, September 21 Cazenove, JPMorgan close to joint venture buyout terms: report Reuters - 1 hour 53 minutes ago Wynn ups size of Macau IPO to $1.6 bln-sources Reuters - Monday, September 21 News Search Top Stories Yemen army 'kills 140 Shiite rebels' in north SA govt wants athletics chief fired over Semenya Crisis still grips Ukraine amid IMF jitters Thousands in Spain protest Opel job cuts I.Coast toxic dump 'still claiming lives' More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Implanted tooth helps blind US woman recover sight Ozone hole smaller in 2009 than 2008: WMO Jackson mum, children get $86,000 per month IMF to sell 403 tonnes of gold to help poor Debate heats up over Wall Street rally More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Poignant final farewell as Jackson laid to rest Remains of Jesus-era synagogue found in Israel More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Search Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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