Central SOEs post high profits

Source: Xinhua | 2018-06-21

THE profits of China’s central state-owned enterprises in May hit a record high compared with the same period historically, official data showed yesterday.

Combined profits stood at 155.19 billion yuan (US$24 billion) in May, said the State-owned Assets Supervision and Administration Commission.

In the first five months, total profits rose 22.1 percent year on year to 685.94 billion yuan, according to SASAC.

The total operating revenue of central SOEs grew 9.8 percent year on year to 11 trillion yuan in the same period.

SASAC said that central SOEs in emerging industries posted fast growth with revenues of enterprises in the telecommunication sector taking up 50.4 percent of the total central SOE revenues.

By the end of May, the average asset-liability ratio for central SOEs stood at 66 percent, down 0.3 percentage points from the start of the year and down 0.4 percentage points from a year ago.