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Chinese state-owned companies' 10-month profit rises 24.6%

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Chinese state-owned companies' 10-month profit rises 24.6%

Combined profits by China's state-owned enterprises, or SOEs, rose 24.6% year over year to 2.39 trillion yuan in the first 10 months of 2017, data from the Ministry of Finance showed.

Growth was down from the 24.9% increase recorded in the first three quarters, but was higher than the 21.7% rise seen in the first eight months, Xinhua News Agency said.

Revenue reached 42 trillion yuan in the first 10 months, up 15.4% from the same period in 2016. Operating costs increased 14.6% to 40.61 trillion yuan.

As of end-October, total assets were up 10.8% to 150.63 trillion yuan, while liabilities increased 10.6% to 99.21 trillion yuan year over year.

SOEs in the non-ferrous metal, steel, coal, oil and petrochemical industries reaped huge profits, but power generation companies were hit by significant profit declines, data showed.

As of Nov. 21, US$1 was equivalent to 6.63 Chinese yuan.