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SOEs post y-o-y growth in profit despite rising costs

State-owned enterprises in China achieved total profits of 2.084 trillion yuan ($339.41 billion) in the first 10 months of the year, indicating a 6.1 percent increase year-on-year, according to the latest data by the Ministry of Finance. The total liabilities reached 65.513 trillion yuan, up 12.1 percent, with local State-owned enterprises posting a higher growth rate than the central State-owned enterprises. Financial expenses continued to grow at more than 20 percent. Expenses jumped 21.3 percent at central State-owned enterprises, and 14.6 percent at local State-owned enterprises, significantly dragging down the overall profitability. From January to October, State-owned enterprises saw total revenue of 39.317 trillion yuan, expanding at 4.5 percent from the same period last year. Total costs outnumbered the total revenue at 37.975 trillion yuan, a 4.8 percent growth.

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