(Yicai Global) Nov. 27 -- China’s state-owned enterprises and state-holding enterprises, in which the government holds the majority of shares, posted a 62.7 percent jump in net profit last month from the same period last year, according to data released by the Ministry of Finance today.

This was largely due to the recovery of production and operations post-Covid-19, and the completion of one-time asset sales between China National Offshore Oil Corp, the country’s third largest oil company, and PipeChina, the entity set up by China last year to run its oil and gas pipeline infrastructure, the ministry said, without revealing exact amounts and the specific nature of the transactions.

By contrast, in the 10 months to Oct. 30, the net profit of SOEs and SHEs dropped 11.4 percent year on year to CNY1.93 trillion (USD293.3 billion), the ministry said. Revenue was up 0.2 percent in the same 10-month period to CNY49.68 trillion.

The two types of enterprises had an asset-liability ratio of 64.5 percent as of the end of last month, a gain of 0.3 percentage points from a year earlier, it added.

In April, Reuters reported that CNOOC had agreed to transfer the managements rights of oil and gas infrastructure projects to PipeChina, but did not specify any amounts.

In July, PetroChina and Sinopec agreed to sell their pipelines and storage facilities to PipeChina for CNY390 billion (USD59 billion).

Editor: Kim Taylor