Profits of Chinese SOEs continue to rise in July

Profits and revenues of China's state-owned and state-controlled enterprises (SOEs) continued to post year-on-year growth in July, the Ministry of Finance said Wednesday.

A technician of Dagang Oil Co in Tianjin checks oil exploration equipment. [Photo/Xinhua]

The combined profits rose by 14 percent last month from the same period last year, while revenues increased by 2.7 percent, data from the ministry showed.

The declines in key indicators of SOEs further narrowed during the first seven months of the year, showing that their recovery momentum has consolidated, the ministry said.

In the Jan.-July period, profits of SOEs fell by 30.4 percent year on year to 1.48 trillion yuan (about 214 billion U.S. dollars), narrowing by 8.4 percentage points from the drop in the first six months.

Revenues dropped by 3.5 percent from a year ago during the first seven months, compared with a 4.9-percent decrease posted in the Jan.-June period.