SOEs post 18.6% profits in first half of year, official says

The central government's State-owned enterprises posted better-than-expected net profits of 535.32 billion yuan ($78.66 billion) in the first half of the year, thanks to supply-side reform, innovation and curbs on capital outflow, the country's top SOE regulator said on Tuesday.

The half-year profits represent a year-on-year growth of 18.6 percent, with double-digit growth each month.

Profits in June reached 159.67 billion yuan, hitting a record high since the statistics became available. Of the 102 central SOEs, 99 were in the black, 48 had profits grow by more than 10 percent and 29 had profits increase by more than 20 percent.