SOEs' profits up 29.4% in first 2 months

Profits of China's state-owned enterprises (SOEs) rose 29.4 percent year-on-year to 331.65 billion yuan in the first two months of this year, the Ministry of Finance said Thursday.

Centrally-owned SOEs and their subordinate companies accumulated profits of 242.72 billion yuan in the first months, rising 25.9 percent year-on-year. Local-government-controlled SOEs' profits were 88.93 billion yuan, 34.6 percent higher than a year ago.

In January and February, the SOEs performed better compared to same time a year ago, with the growth of profits higher than that of operating revenues, the ministry said.

In the first two months, SOEs achieved 5.14 trillion yuan of operating revenues, up 26.4 percent year-on-year. Operating revenues of centrally-owned SOEs and local-government-owned SOEs were 3.32 and 1.82 billion yuan, respectively.

Profits of construction materials and chemicals sectors more than doubled in January and February. Real estate, machinery, petrochemical and petroleum industries saw stable growth in profits, while the transportation and power industries once again posted losses in the first two months.


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