Profits at China's SOEs rise 10.5%Updated: 2013-10-19 09:40
BEIJING - China's state-owned enterprises pocketed 1.77 trillion yuan ($287.7 billion) of profits in the first three quarters of 2013, an increase of 10.5 percent from a year earlier, a Ministry of Finance statement said Friday.
SOEs administered by the central government recorded 1.28 trillion yuan of profits in the nine-month period, up 16.3 percent year-on-year. During the same period, profits of SOEs administered by local governments fell 2.4 percent from the previous year to 482.9 billion yuan.
Total business revenue at SOEs rose 11 percent year-on-year to 33.71 trillion yuan.
SOEs in the electronics, electricity and oil refining sectors recorded relatively fast profit growth during the Jan-Sept period, according to a monthly report from the ministry.
Non-ferrous metal and coal producers, chemical and machinery sectors saw profits decline.
The monthly report did not include SOEs in the financial sector.