Profits for China's SOEs surge in first seven months

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China's state-owned enterprises (SOEs), as administrated by the central authorities, saw their profit surge in the first seven months this year, according to the state asset regulator.

China now has 96 central SOEs, down from 196 in 2003, as the central government has restructured central SOEs to improve their efficiency and competitiveness.

From January to July, the 96 companies posted a total profit of 1.05 trillion yuan (about 152.8 billion US dollars), up 23.9 percent year-on-year, according to the State-owned Assets Supervision and Administration Commission (SASAC).

Business revenue of the firms reached 16 trillion yuan in the first seven months, up 10.6 percent year-on-year, according to the SASAC.

The 96 companies had become more efficient over the seven months, with their cost burden rising 9.9 percent year-on-year, 0.7 percentage point less than that of the revenue, said the SASAC.

Meanwhile, the asset-liability ratio of China's central SOEs dipped in the first seven months this year.

Source(s): Xinhua News Agency