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Chinese central SOEs net profits up 15.7 pct in first seven months

Source:   Time:

BEIJING, Aug. 19 (Xinhua) -- China's state-owned enterprises (SOEs) that are administered by the central government, or central SOEs, posted a net profit rise of 15.7 percent year-on-year in the first seven months of 2011.

This increase was 1.1 percentage points more than that of the first half of this year.

The combined net profits of the 120 central SOEs totaled 543.27 billion yuan (84.8 billion U.S. dollars) during the period, the State-owned Assets Supervision and Administration Commission said in a statement on its website Friday.

But no explanation was provided for the profit increase or the higher growth rate.

Revenues for central SOEs rose 24.5 percent year-on-year to hit 11.4 trillion yuan from January to July.

The SOEs had 998.9 billion yuan payable in taxes and fees for the first seven months, up 28.1 percent from the same period last year, according to the statement.

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