COFCO 6 billion 150 million profit last year accounted for the bulk of state subsidies

[Reuters] news billion state power in January 22nd, before the state owned assets supervision and Administration Commission (SASAC) on its official website revealed the 2016 performance of cofco. Data show that last year, COFCO contrarian growth, achieved a total profit of 6 billion 150 million yuan, exceeding the budget of 5 billion 50 million yuan.

 

source: financial tsunami Kan

state power grid view its consolidated income statement shows that in 2016 1~9 months, COFCO group operating profit of 623 million 500 thousand yuan, operating income of 4 billion 425 million 800 thousand yuan, of which the government subsidies amounted to 4 billion 74 million yuan. The media pointed out that since the financial tsunami Kan, this also means that without government subsidies, the total profit of COFCO will be significantly diminished.

In 2016

, COFCO defines its own development orientation, will focus on the core business of grain and cotton candy. With the implementation of strategic restructuring Textile Group, domestic oil processing capacity of 24 million tons, the overall market share increased to 18%, ranking first in China, the cotton industry chain also accounted for nearly 10% of global market share, covering the world’s major producing areas.

, COFCO has previously said, to promote the non core business mixed ownership reform, eliminated from the non core business side, with three years of restructuring and integration and exit from enterprises hundred households, 20% reduction in legal institutions.

2016, COFCO group for the key loss making enterprises set targeted improvement measures, as of now, enterprise losses has decreased by 4 billion 40 million yuan. At the same time, COFCO also disposed of Kinde chocolate, Chateau Junding and wugudaochang assets, according to the SASAC documents revealed that in 2016, COFCO to complete a total of 36 "zombie" and a poor business disposal task, but did not disclose the specific list.

"next, COFCO will implement the depth of integration of its grain, oil, feed, cotton and other services, continue to do better and stronger bigger, to create a first-class enterprise in the world." SASAC said COFCO will file, to the overall market as the goal.

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