China’s State-owned enterprises’ profits up 69.6 per cent

China's State-owned enterprises (SOEs) combined profits soared by 69.6 per cent to touch 579.52 billion yuan ($84.85 billion), year-on-year for the January-April period, the ministry of finance, said today.

Last year, SOEs had made profits totaling 965.6 billion yuan, considering this the profits in the first four months of this year has been excellent.
Operating revenue of the SOEs was up 46 per cent to 9 trillion yuan ($1.32 trillion) a year earlier.

The SOEs' total tax pay out was up 30.4 per cent to the tune of 794.63 billion yuan ($116.34 billion) in the first four months, with taxes payable amounting to 806.3 billion yuan ($118 billion).

Profit margin growth slowed down as inventory levels and costs rose from January to April, according to the ministry.

The sectors that saw huge profit growth during this period were oil and petrochemical, coal, communications and automobile industries but the growth rate had slowed down.

Similarly, the iron and steel, non-ferrous metals and power generation sectors saw steady revenues growth.