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Chinese state industry profits drop

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News,Business

BEIJING (AP) — The Chinese government says profit for its biggest state-owned banks, phone carriers and other companies fell 6.9 percent in the first 11 months of 2012 compared with a year earlier.

The figures Thursday highlight the severity of China's economic slump last year, its deepest since the 2008 global crisis.

The Cabinet commission that oversees China's 116 biggest state-owned companies said they had total profit of 1.7 trillion yuan ($270 billion). They include oil giant PetroChina, Bank of China, China Mobile and other major enterprises.

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