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Profits of China’s SOEs up 21.7% in eight months

Updated: Sep 26,2017 3:46 PM

Profits of China’s State-owned enterprises (SOEs) rose 21.7 percent year-on-year in the first eight months of 2017, the Ministry of Finance said on Sept 26.

Total profits increased to 1.9 trillion yuan ($287.3 billion) between January and August, while revenue rose 15.5 percent to 33.1 trillion yuan ($5.0 trillion).

The SOEs had total assets of 146.3 trillion yuan ($22.1 trillion) and liabilities of 96.5 trillion yuan ($14.6 trillion) at the end of August, both with a year-on-year increase of 11 percent, the ministry said.

Payable tax of the SOEs stood at 2.7 trillion yuan ($408.2 billion) in January-August, increasing 12.2 percent year-on-year.

From January to August, steel and nonferrous industries remained profitable, and coal, petroleum and transport industries witnessed high year-on-year increases in profits. However, the power sector saw profits decline significantly compared to the same period of last year.