BEIJING — Profits of China’s State-owned enterprises went up 15.6 percent year on year to top 3 trillion yuan ($437 billion) in the first 11 months, the Ministry of Finance (MOF) said on Dec 29.

The growth pace was slightly slower than the 17.3-percent rise registered in the first 10 months.

SOEs saw their aggregate revenue rise 10.6 percent to over 52 trillion yuan in the first 11 months while operating costs expanded 10.3 percent year on year to 51 trillion yuan.

“SOEs showed stronger debt paying ability and higher profitability than the same period a year ago,” the MOF said, citing stellar performance in steel, petroleum and petrochemicals, and coal sectors.

Total SOE assets increased 8.3 percent to over 178 trillion yuan, while liabilities climbed 7.6 percent to more than 116 trillion yuan.