Large Hunan Industrial Enterprises Show 97.9 Bln Yuan Profits

　　On Sept. 4, the Hunan Economic and Information Technology Commission announced that large Hunan's industrial enterprises made a net profit of 97.9 billion yuan, a year-on-year increase of 18.7%. The growth rate was 10.4 percentage points faster than last year, meaning Hunan ranking the 2nd among the six central Chinese provinces. The manufacturing sector net profit was 90.9 billion yuan, up 21.1% year on year and accounting for more than 90% of the total. The growth rate was 10.4 percentage points faster over the same period last year.

　　The conditions of Hunan provincial enterprises above designated size are as follows:

　　Performance has been steadily improved. In the January to July period, these enterprises realized gross business income of about 2.13 trillion yuan, an increase of 11.7% from last year and higher than the same period last year. The main business income of assets per 100 yuan reached 152.2 yuan, a year-on-year growth of 4.9 yuan.

　　Cost reduction and benefits increases maintained substantial progress. Between January and July, cost per 100 yuan was 84.54 yuan in the main business income, 1.18 yuan lower than the national average. The three main costs: sales, administration, and finance was 8.23 yuan per 100 yuan, down slightly from last year.

　　Business losses significantly lessened. The percentage of loss-incurring large enterprises was 6.58% between January and July. This is 0.38 percentage points lower than last year. Total loss was 7.01 billion yuan, a decrease of 41% from last year and 21.9% higher than the national average.

　　Deleveraging and destocking has been underway. By the end of July, asset-liability ratio of large industrial enterprises was 52.1%, 3.7% lower than the national average. The turnover days for finished product inventory were 9.8 days, 0.9 days less than the same period last year.