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Chinese SOEs’ profits continue strong rally

Updated: Sep 26,2018 4:28 PM     Xinhua

BEIJING — Profits of China’s State-owned enterprises (SOEs) continued to grow steadily in the first eight months of this year, but at a slower pace, data showed on Sept 26.

Combined profits reached 2.3 trillion yuan ($335 billion) for the January-August period, up 20.7 percent year-on-year, according to the Ministry of Finance.

The pace of growth was slower than the 21.4-percent rise registered in the January-July period.

SOE business revenue rose 10.3 percent to over 37 trillion yuan in the first eight months, while operating costs expanded 9.7 percent year on year to 35.57 trillion yuan.

By the end of August, total SOE assets had reached 173.88 trillion yuan, up 8.4 percent from a year earlier, while liabilities had climbed 7.6 percent to 112.83 trillion yuan.

SOEs in sectors including steel, oil, petrochemicals, nonferrous metals and coal posted stronger profit increases in the said period.