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China’s SOE profits grow at faster pace

Updated: Jun 24,2018 4:15 PM     Xinhua

BEIJING — Profit growth in China’s state-owned enterprises (SOEs) accelerated in the first five months, official data showed.

Combined profits surpassed 1.29 trillion yuan (about $198 billion) for the January-May period, up 20.9 percent from a year earlier, according to the Ministry of Finance.

The pace of growth quickened from the 18.4-percent rise registered in the first four months.

SOE business revenue rose 10.2 percent to about 22.3 trillion yuan in the first five months, while their operating costs expanded 9.7 percent to 21.4 trillion yuan.

In May, total assets reached 169 trillion yuan, up 9.3 percent from a year earlier, while liabilities climbed 8.7 percent to 110 trillion yuan.

SOEs in sectors including iron steel, oil, petrochemical and coal posted large profit increases.