Jiangsu SOEs record profits of 21.08b yuan in Q1

State-owned enterprises (SOEs) in Jiangsu enjoyed a good and steady economic development and increasing social contributions in the first quarter of 2018.

I. Jiangsu SOEs saw an obvious growth in operating income

The SOEs under the supervision of Jiangsu provincial and its municipal SASACs had total operating income of 184.83 billion yuan ($28.83 billion), an increase of 14.2 percent year-on-year. 

The SOEs managed by municipal SASACs had operating income of 114.94 billion yuan, a year-on-year increase of 28.27 percent; and the SOEs controlled by the Jiangsu provincial SASAC had an income of 69.89 billion yuan, a decrease of 3.25 percent year-on-year caused by some enterprises having stopped risky businesses such as financial trading.

II. Jiangsu SOEs maintained rapid growth in economic profits

SOEs in Jiangsu realized total profits of 21.08 billion yuan in the first quarter, up by 39.26 percent year-on-year, including 9.20 billion yuan from municipal SASACs-supervised SOEs, an increase of 27.87 percent year-on-year, and 11.88 billion yuan from the SOEs controlled by Jiangsu SASAC, an increase of 49.57 percent year-on-year.

III. Jiangsu SOEs had an overall increase in taxes

SOEs in Jiangsu paid taxes of 14.88 billion yuan in the first quarter, up by 4.66 percent year-on-year. Taxes from the local SOEs managed by municipal SASACs totaled 9.16 billion yuan, up by 3.24 percent year-on-year, and those from the SOEs managed by provincial SASAC rose 7.01 percent to 5.72 billion yuan.

IV.J iangsu SOEs had steady growth in owner’s equity

By the end of the first quarter, owner’s equity of SOEs in Jiangsu totaled 1.57 trillion yuan, an increase of 8.03 percent year-on-year. The SOEs managed by municipal SASACs accounted for 1.32 trillion yuan of owner’s equity, up by 7.8 percent year-on-year, and the SOEs managed by the provincial SASAC were responsible for 251.06 billion yuan, up by 9.25 percent year-on-year.

By the end of the first quarter, the total asset-liability ratio of the SOEs supervised by Jiangsu provincial and municipal SASACs reached 60.76 percent, increasing 0.04 percentage points year-on-year. The asset-liability ratio of the SOEs managed by municipal SASACs reached 60.04 percent, up by 0.08 percentage points year-on-year, and the SOEs managed by the provincial SASAC, at 63.43 percent, were down 0.14 percentage points year-on-year.

(Executive editor: Hao Wen)