CHINA-ECONOMY: CHINESE CENTRAL SOE'S GENERATE 58.8% LESS PROFITS IN FIRST QUARTER
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China's State Council said at a press conference on April 20, that profits of central state-owned enterprises plunged by more than half in the first quarter as demand evaporated and supply chains were disrupted by the Covid-19 pandemic. Peng Huagang, spokesperson for the State-owned Assets Supervision and Administration Commission (SASAC) said that State-owned Enterprises (SOEs) generated 58.8% less profit than they did in the first quarter of last year, making 130.4 billion yuan ($18.43 billion) in total with 26 of them suffering net losses. Companies under SASAC in the oil drilling, refining, and airline sectors ran at an overall loss.
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