Profits at China's state-owned enterprises fell 8.3 percent annually to CNY 1.75 trillion (USD 277.78 billion) in the first 10 months of the year, the Ministry of Finance said yesterday.

 

The profits of centrally-administered SOEs slid 3 percent from a year earlier to 1.25 trillion yuan from January to October, while SOEs under local governments saw profits fall by 19.3 percent to CNY 501.2 billion.

 

Revenue at Chinese SOEs grew 10 percent annually to CNY 33.79 trillion  in the period, the statement said.

 

Their net sales margin ratio stood at 3.8 percent, down 0.9 percentage point from a year ago, while the rate of return on equity was 4.9 percent, a drop of 1.1 percentage points annually.

 

The report did not include SOEs in the financial sector.  

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