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Profits of China's SOEs continue to rise

Updated: Nov 26,2020 07:54 PM    Xinhua

BEIJING — Profits and revenues of China's State-owned enterprises (SOEs) continued to post year-on-year growth in October, data showed on Nov 26.

The SOEs saw their aggregate net profit after taxes go up by 62.7 percent year-on-year last month, while the operating revenue climbed 7 percent, according to data from the Ministry of Finance. 

In the first 10 months, SOEs raked in 49.68 trillion yuan (about $7.55 trillion) in revenues, reversing a 0.7 percent contraction in the first nine months to expand 0.2 percent over the same period last year.

Their net profits after taxes totaled 1.93 trillion yuan, down 11.4 percent year-on-year and narrowing from an 18.5 percent decline in the first nine months, the ministry said.

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