Revenue of State firms rises 17.1% in cultural sector

Revenue of State-owned enterprises in the cultural sector rose 17.1 percent in 2011, with net profits up 23.7 percent and total assets by 18.7 percent, according to a report on the Ministry of Finance’s website.

By the end of 2011, there were 10,365 such SOEs in China, with total assets of 1.6 trillion yuan ($256.8 billion). They reported combined annual revenue of 797.7 billion yuan, and profits of 85 billion yuan.

Among them were 2,578 central cultural SOEs, with total assets of 533.2 billion yuan and profits of 35.8 billion yuan.

Profits of central cultural SOEs were much higher than local cultural SOEs, as well as their per capita revenue and net profits, according to the report.

Cultural SOEs in eastern provinces were more competitive than those in central and western regions, the report said.