China's SOEs post steady profit growth in first eight months

Economy

Profits of Chinese state-owned enterprises (SOEs) grew steadily in the first eight months of 2019, official data showed Wednesday.

XinhuaUpdated: September 26, 2019

Profits of Chinese state-owned enterprises (SOEs) grew steadily in the first eight months of 2019, official data showed Wednesday.

Sinopec employees inspect gas pipes in Puyang, Henan province. [Photo/China Daily]

The combined profits of China's SOEs rose 6.1% year on year to 2.41 trillion yuan (about US$340.88 billion) for the January-August period, the Ministry of Finance said on its website.

The pace slowed from the 7.3% increase in the first seven months.

During the period, SOEs in the sectors of construction, building materials, transport and storage registered rapid profit growth, the ministry said.

Total revenues of the SOEs reached 39.49 trillion yuan during the period, up 7.4% from a year earlier.

SOEs paid 3.01 trillion yuan in taxes, down 0.3% year on year. Their debt-to-asset ratio stood at 64.4% at the end of August, according to the ministry.