China Growth Stocks

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Profits of China's SOEs up 46% in 1st 9 months: figures
(Xinhua)
Updated: 2010-10-20 09:05

BEIJING - Profits of China's State-owned enterprises (SOEs) hit 1.44 trillion yuan ($216.4 billion) in the first nine months, up 46.2 percent year-on-year, figures released Tuesday by the Ministry of Finance show.

Combined profits of China's SOEs grew 6.8 percent in September compared to August, according to a statement from the ministry.

Business revenue totaled 21.9 trillion yuan in the period, up 35.3 percent from a year earlier. The figure for September alone was 5 percent higher than the August level.
In the first nine months, the SOEs paid 1.83 trillion yuan in taxes, up 23.9 percent year-on-year, the statement said.

Steel, machinery, tobacco, construction and real estate, and building materials sectors saw profits rise month on month in September.

However, sectors including petrochemicals and transport saw profits decline, the statement said, without providing more details.

China's SOEs include SOEs directly controlled by the central government and SOEs supervised by local governments, but exclude state-owned financial enterprises.