Business
13:57, 26-Sep-2017
Profits of China’s SOEs up 21.7 pct in eight months
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Profits of China's state-owned enterprises (SOEs) rose 21.7 percent year-on-year in the first eight months of 2017, the Ministry of Finance said on Tuesday.
Total profits increased to 1.9 trillion yuan (287.3 billion US dollars) between January and August, while revenue rose 15.5 percent to 33.1 trillion yuan (5.0 trillion US dollars).
The SOEs had total assets of 146.3 trillion yuan (22.1 trillion US dollars) and liabilities of 96.5 trillion yuan (14.6 trillion US dollars) at the end of August, both with a year-on-year increase of 11 percent, the ministry said.
Payable tax of the SOEs stood at 2.7 trillion yuan (408.2 billion US dollars) in January-August, increasing 12.2 percent year-on-year.
From January to August, steel and non-ferrous industries remained profitable, and coal, petroleum and transport industries witnessed high year-on-year increases in profits. However, the power sector saw profits decline significantly compared to the same period of last year.