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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 [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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