Profits of China's SOEs continue to climb in October

BEIJING - Profits and revenues of China's State-owned enterprises (SOEs) continued to post year-on-year growth in October, data showed on Thursday.

SOEs saw their aggregate net profits after taxes rise by 62.7 percent year-on-year last month, while operating revenues climbed 7 percent, according to data from the Ministry of Finance.

In the first 10 months, SOEs raked in 49.68 trillion yuan ($7.55 trillion) in revenues, reversing a 0.7 percent contraction in the first nine months to expand 0.2 percent over the same period last year.

Their net profits after taxes totaled 1.93 trillion yuan, down 11.4 percent year-on-year and narrowing from an 18.5 percent decline in the first nine months, the ministry said.