Profits of Chinese SOEs surge in Jan-July

BEIJING - The combined profits of China's State-owned enterprises (SOEs) surged 92.1 percent year-on-year to nearly 2.79 trillion yuan ($430 billion) in the first seven months of this year, official data showed on Friday.

During the period, the centrally administered SOEs saw their profits increase 88.8 percent year-on-year to over 1.85 trillion yuan, according to the Ministry of Finance.

The SOEs saw their total revenue rise 26.6 percent year-on-year to around 41.44 trillion yuan.

The revenue of centrally administered SOEs increased by 24.9 percent year-on-year to nearly 23.28 trillion yuan.

At the end of July, the debt-to-asset ratio of the country's SOEs came in at 64.3 percent, down 0.2 percentage points from the level seen in the same period last year, the data shows.