May state-owned enterprise profit is the first quarter-on-quarter negative growth this year

"There have been too many new projects in the last few months, and large amounts of upfront payments in project purchases have boosted the profits of state-owned enterprises in the March and have overdrawn profit growth for the next few months."　　"said the Economist Lu Commissar. Yesterday, the Ministry of Finance issued 1 ~ May National State-owned and state-controlled enterprises economic performance.　　Data show that the state-owned enterprises to achieve the first quarter-on-quarter growth this year, the May quarter-on-quarter growth from April 0.5% to 7.5%.　　Year-on-year decline in profit by the Ministry of Finance data show that January-May, the national state-owned enterprises to achieve a cumulative operating income of 7,756,290,000,000 yuan, down 7.4%, the decline is 0.1% higher than January-April, May than April quarter-on-quarter growth of 2.1%. And profit is the chain and year-on-year decline in both the situation.　　January-May, the national state-owned enterprises to achieve a cumulative profit of 425.4 billion yuan, down 30.3%, the decline is 2% lower than January-April, May than April quarter-on-quarter decline of 7.5%.　　Although the profit chain fell sharply, but should pay taxes on the chain appear to climb, year-on-year decline also gradually shrink school January-May, the national state-owned enterprises should pay tax 717.01 billion yuan, down 3.4%, down from January-April to reduce 1%, May than April quarter-on-quarter growth of 7%. In addition, 1 ~ May state-owned enterprises sales profit margin of 5.5%, down 1.8%; NET assets profit margin of 2.9%, down 1.7%.　　At the same time, the Ministry of Finance said that the central enterprise profit level is still higher than local state-owned enterprises.　　March overdraft leads to insufficient stamina? Observation of historical data can be found, into this year, the profit of state-owned enterprises in the chain growth rate sharply.　　According to Treasury data, the first quarter of this year was 1.2 times times more than the four quarter last year, and March Rose 95.9% from February. And into the April, the chain growth rate plummeted, but still maintained a 0.5% chain positive growth.　　The Ministry of Finance data shows that January-April, the national state-owned enterprises to achieve profits of 323.64 billion yuan, down 32.3%, down from January-March to reduce 4.5%, April than March quarter-on-quarter growth of 0.5%. In this respect, Societe Generale Capital Operations Center chief economist Lu Commissar to the "Daily economic news" reporter said: "state-owned enterprise profit chain trend is the phenomenon, mainly in the past few months, the new project too much, the project procurement in advance payment of the March state-owned enterprise profits, To a certain extent, overdraft the profit growth in the following months.　　"In addition, the rapid rise in international commodity prices over the recent period has also caused the state-owned enterprises to suffer rising costs, thereby squeezing profit margins."　　Future or rebound June credit is the key state-owned enterprise profits may not be a long-term growth, in the next 2-3 months the state-owned enterprise profits may reproduce a wave of upward trend. "It depends on June credit. The compression of credit volume in 4 May also slowed the progress of new projects to some extent.　　Lu Commissar said. Recently, the State Council has cut some industriesRatio of capital, if the credit can be reopened in the next 1-2 months, then the local funds will lead to a new round of construction projects around the heat. "It will push up the profits of state-owned enterprises again between June and August." Lu Commissar said.