State-owned cultural firms' profit hits $13.52b

BEIJING - Profit of China's state-owned cultural enterprises hit 84.99 billion yuan ($13.52 billion) in 2011, up 21.7 percent year-on-year, official figures showed on Monday.

For the first time, the Ministry of Finance unveiled figures relating to the country's state-owned cultural enterprises in a "white paper"-like report.

The MOF figures showed that there were 10,365 state-owned cultural enterprises by the end of 2011, with total assets of nearly 1.6 trillion yuan, up 18.7 percent compared with 2010.

Gross revenue of the enterprises surged 17.1 percent year-on-year to reach 797.7 billion yuan in 2011, according to the report.

About 57 percent of enterprises were in the eastern part of China, pocketing nearly 72 percent of the gross profit in 2011, far above the total of both the middle and western parts.

On Monday, the MOF also issued interim measures to strenghthen state-owned cultural enterprises' administration of state asset valuation and registration of property rights.

The measures, highlighting protection of intangible assets -- such as copyright, will be implemented on January 1, 2013.

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