(Yicai Global) Aug. 26 -- State-owned enterprises in China made 7.3 percent more profit in the first seven months of this year than last, according to figures published today by the Ministry of Finance.

The companies made some CNY2.1 trillion (USD294 billion) through July, with the annual growth rate slightly higher than the 7.2 percent gain over the first six months and power and construction firms faring the best. Central-owned SOEs made up CNY1.4 trillion, up 7.7 percent on the year, while locally owned firms pushed profit up 6.6 percent.

A nationwide corporate tax cut helped send profits higher, with the SOEs combined tax bill rising just 0.5 percent annually to CNY2.7 trillion. Central SOEs will have to foot CNY1.9 trillion of the total, 0.8 percent more than last year, while the figure rose 0.1 percent for local firms.

Central-owned enterprises brought in some CNY20 trillion in operating income, up 6.2 percent, while locally owned SOEs chipped in CNY14.5 trillion, a 10 percent rise.

Editor: James Boynton