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China Daily Website

Profits of Chinese state firms up 8.2% in Jan-Nov

Updated: 2013-12-19 15:01
( Xinhua)

BEIJING - China's State-owned enterprises (SOEs) registered combined profits of 2.15 trillion yuan ($351.05 billion) in the first 11 months, up 8.2 percent from one year earlier, the Ministry of Finance said on Thursday.

However, the growth pace slowed from the 10.1-percent rise reported in the January-October period.

Total business revenues at SOEs rose 11 percent year-on-year to 41.93 trillion yuan, the ministry said in a statement on its website.

The ministry did not give any explanation for the lower profit growth rate, but said SOEs in sectors such as power generation, electronics, real estate development and auto production posted relatively fast profit growth, while those in non-ferrous metals, coal mining and chemicals reported declines in profits.

The statement said the monthly report did not include SOEs in the financial sector.