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Profits of China's central SOEs surge in Q1

COMBINED net profits of China's centrally administered state-owned enterprises (SOEs) soared 26.5 percent in the first quarter to 226.42 billion yuan (33 billion U.S. dollars), the state assets regulator said Thursday.

Among 102 central SOEs, 99 made profit in the first three months, with 81 companies making more profits than a year ago. Forty-three had profits increasing by more than 10 percent, according to a report from the State-owned Assets Supervision and Administration Commission (SASAC).

Strong profits were reported among traditional sectors such as oil, steel, non-ferrous metal and coal, as well as new sectors, including advanced manufacturing, medicine and modern service sectors.

"Central SOEs are off to a good start, signaling that the country's economy has been stabilizing and market demand has been gradually improving," said Shen Ying, chief accountant of SASAC, said at a press conference.

Their total revenue rose 19.2 percent to 6 trillion yuan, 4 percentage points higher than growth in the first two months.

Central SOEs handed in about 530 billion yuan in taxes and fees, up 7.5 percent from a year earlier, the report showed.


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