Profits of China state firms dip by 8.2 pc in Jan-Sept period

Weighed down by a troubling economic slowdown, profits of China's state-owned firms slumped by 8.2 per cent in the first three quarters of this year.
The decline to 1.74 trillion yuan (USD 274.13 billion) in the January-September period has sharpened from a 6.6 per cent drop in the first eight months, official data showed today.
State-owned enterprises (SOEs) in the areas of petrochemical, oil-refining and construction materials saw substantial profit declines, while steel, coal and non-ferrous metal sectors continued to suffer from major losses, according to China's Ministry of Finance.
However, profits of companies in transportation, electronics and chemical engineering improved in the period, state-run Xinhua news agency reported.

Profits at SOEs have been down throughout the year due to a febrile economic climate.
The economy posted a 6.9-per cent growth in the third quarter, lower than the 7 per cent of the first half.
To stimulate the torpid SOEs, the government unveiled guidelines last month. They were aimed addressing issues in mixed ownership and to introduce a modern enterprise system, which would make SEOs more market-oriented and improve efficiency.