(Yicai Global) Nov. 28 -- Profit grew faster than revenue at China's state-owned enterprises over the first 10 months, with chemicals and metals leading the gains in earnings.
Net profit at SOEs leapt 15.3 percent to CNY2.1 trillion (USD288 million) through October, the Ministry of Finance said online today. Revenue expanded by 10.6 percent to CNY47 trillion (USD6.8 trillion).
Firms involved in the steel, petroleum, petrochemicals and nonferrous metals sectors led the way, with profits growing much faster than incomes, the ministry added, without providing specific data.
The state-backed firms were also more solvent, with an average asset-liability ratio of 64.8 percent in late October, down 0.5 percent from a year earlier.
Editor: James Boynton