一季度中國國企利潤同比下降13.8%

Investor sentiment toward China may have eased following recent releases of more positive economic data, but returns at state-owned firms aren’t among them.

近期發佈的中國經濟數據偏於利好，投資者對中國的擔憂情緒有所緩解，但中國國有企業的利潤並不在這些利好消息當中。

Total profits realised at China’s state-owned enterprises fell 13.8 per cent year-on-year in the first quarter to Rmb432bn, according to new figures released today by the Ministry of Finance that showed the rate of profit decline at state firms nationwide steeper in the first quarter compared to an annual fall of 6.7 per cent in 2015. Total operating revenue at state firms also fell 3 per cent year on year to Rmb9.95tn.

中國財政部今日發佈的最新數據顯示，今年首季度國企利潤總額爲4323億元人民幣，同比下降13.8%。與2015年6.7%的年降幅相比，2016年首季度國企利潤降幅更大。國企營業總收入爲9.95萬億元人民幣，同比下降3%。

The ministry noted the petrochemicals and pharmaceutical industries had seen comparatively large profit gains, but acknowledged that petroleum, coal, steel and nonferrous metals industries had all sustained losses in the first quarter.

中國財政部指出，石化、醫藥等行業實現利潤同比增幅較大，但石油、煤炭、鋼鐵和有色等行業在首季度全都出現虧損。

Performance also differed between local and central government enterprises. Operating revenue at firms owned and administered directly by the central government fell at a quicker clip of 4.6 per cent per cent year-on-year to Rmb6.14tn, while profits realised were down 13.2 per cent compared to the same period a year earlier.

地方國企與央企的表現也存在差異。中央政府擁有並直接管理的企業的營收降速較快，同比下降4.6%，至6.14萬億元人民幣，實現的利潤同比下降13.2%。

State enterprises under the control of China’s localities – which last year saw bond issuance sky-rocket under a debt swap program – experienced a less severe drop in operating revenue in the first quarter to Rmb3.8tn, down only 0.1 per cent year-on-year. But profits realised by local government-owned enterprises fell far more sharply, down 15.8 per cent to Rmb92.4bn.

地方國企去年依據債務置換計劃發行了大量債券，今年首季度營收降幅較小，同比下降僅0.1%，至3.8萬億元人民幣。但實現利潤的下降要劇烈得多，同比下降了15.8%，至924.2億元人民幣。