CHINA’S STATE-OWNED COMPANY PROFITS DECLINE IN FIRST HALF
BEIJING - Profits of China’s State-Owned Enterprises (SOEs) have continued to drop in 2012 amid global economic headwinds, new data shows. For the first half of 2012 they fell 13.2% on-year to RMB1.2 trillion, according to the Ministry of Finance. On a monthly basis, SOEs' combined profits in July dropped 11.6% from June, the Ministry said. For the January-July period, the tobacco, power and car industries saw big gains, while the chemicals, nonferrous metals, transportation, petrochemical and construction materials industries experienced steep declines.