The profits of China's 47 major state-owned electronic companies dropped 66.5 percent year on year to 1.95 billion yuan (US$240.7 million) from January to July, dropping 2.5 percentage points from the first six months of this year.

Industrial output value of the companies totaled 316.29 billion yuan, up 8.9 percent year on year and 2.8 percentage points higher over the first six months, according to data from the State-owned Assets Supervision and Administration Commission.

During the same period, income from the core business of the companies reached 227.34 billion yuan, up 19.4 percent year on year. The export volume of the companies grew 22.9 percent to 65.69 billion yuan.

Insiders held the profit drop mainly resulted from a drop in efficiency of some TV and parts producers

(Xinhua News Agency September 2, 2005)