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State-owned coal enterprises see huge profit
(Xinhua)
Updated: 2004-05-07 22:10
Thirty-two major State-owned enterprises (SOEs) in China's coal industry
witnessed the rocketing of their profits by 120 percent year on year in the
first quarter, according to figures from the State-owned Assets Supervision and
Administration Commission (SASAC).
These coal SOEs' income for their staple services reached 44.55 billion yuan
(US$5.37 billion) in the first quarter, up 50.1 percent year on year, with a
profit of 3.47 billion yuan, increasing 1.86 billion yuan from the same period
last year, SASAC figures showed.
China's rapid economic growth has led to huge demand for energy and raw
materials while the coal price has been rising also remarkably in China since
last year.
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