Chinese State Owned Enterprises Biggest Losers in 2012

China’s state-owned enterprises (SOEs) lost their position as the most profitable sector and became the country’s biggest losers last year, according to the annual results listed companies reported for 2012.

The top 1- market losers last year were SOEs with a combined loss of about 50 billion yuan (8 billion U.S. dollars), their financial statements revealed.

China COSCO Holdings Co., the country’s largest shipping company, topped the list for the second consecutive year, losing 9.56 billion yuan in 2012 after a deficit of 10.45 billion yuan for 2011.

COSCO was followed by Aluminum Corp. of China, the country’s largest alumina producer and Metallurgical Corporation of China Ltd., which reported a loss of 8.23 billion yuan and 6.95 billion yuan, respectively.

Half of the top 10 poor-performing companies were in the iron and steel sector, including 4.16 billion yuan in losses for Angang Steel, 3.86 billion yuan for Maanshan Iron & Steel, 3.83 billion yuan for Shandong Iron & Steel, 3.5 billion yuan for Anyang Iron & Steel and 3.25 billion yuan for Valin Steel.

All the top losing companies blamed their disappointing results on the downward trend of their industries and the broader macroeconomy.

via Xinhua

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