COEs Book Falling Profit

Central-government owned enterprises (COEs) in China reported ¥665.2 billion in net profit last year, the State-owned Assets Supervision and Administration Commission said. The net income would have almost met the 2007 level if the ¥266 loss incurred across power generation and petrochemicals sectors were excluded. There were 141 COEs possessing a combined ¥17.7 trillion worth of total assets as of the end of 2008. The figures were 196 and ¥7.1 trillion respectively in 2002.

$1 = ¥6.8