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China's non-financial SOEs report 22 pct rise in profits in H1

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BEIJING, July 18 (Xinhua) -- China's non-financial state-owned enterprises (SOEs) posted a year-on-year increase of 22.3 percent in their first-half profits, the Ministry of Finance said on Monday.

Profits totaled 1.13 trillion yuan (173.08 billion U.S. dollars), of which, 765.46 billion yuan was made by centrally administered SOEs, the ministry said in a statement on its website.

Revenues rose by 24.2 percent to 17.42 trillion yuan during the first half of this year, a growth rate slower than the 24.5 percent increase in SOEs' costs.

The SOEs turned in taxes of 1.56 trillion yuan during the first half, up 28.9 percent from one year earlier, of which, 1.18 trillion yuan of taxes were from the centrally administered SOEs, the statement said.

The building materials, chemical, non-ferrous metals and petroleum industries enjoyed notable year-on-year increases in profits during the first half.

The real estate, iron and steel, and electricity sectors reported big gains in profits from the second half last year, while post and telecommunications SOEs posted declines in profits.

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