Profits of China's SOEs Continue to Rise

A CNOOC employee uses a wireless communication device on an offshore drilling platform in the South China Sea. [Photo by Wang Yuguo/for China Daily]

Profits and revenues of China's State-owned enterprises (SOEs) continued to grow in November, data showed Thursday.

The SOEs saw their aggregate net profits after taxes go up by 47.2 percent year-on-year last month, while the operating revenue climbed 6 percent, according to data from the Ministry of Finance.

In the first 11 months, the SOEs raked in 55.61 trillion yuan (about $8.51 trillion) in revenues, up 0.8 percent year-on-year, said the ministry.

The growth is 0.6 percentage points faster than the rise in the Jan-Oct period, data from the ministry showed.

Their net profits after taxes totaled about 2.21 trillion yuan, down 7.1 percent year-on-year during the 11-month period, the ministry said.

SOEs' debt-to-asset ratio came in at 64.5 percent at the end of November, up by 0.2 percentage points compared with the same period last year.

The figures, which exclude financial firms, were collected from SOEs in provincial-level regions and those administered by the central government.