BEIJING – Profits and revenues of China’s State-owned enterprises (SOEs) continued to post year-on-year growth in October, data showed on Thursday.

SOEs saw their aggregate net profits after taxes rise by 62.7 percent year-on-year last month, while operating revenues climbed 7 percent, according to data from the Ministry of Finance.

In the first 10 months, SOEs raked in 49.68 trillion yuan ($7.55 trillion) in revenues, reversing a 0.7 percent contraction in the first nine months to expand 0.2 percent over the same period last year.

Their net profits after taxes totaled 1.93 trillion yuan, down 11.4 percent year-on-year and narrowing from an 18.5 percent decline in the first nine months, the ministry said.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

U.S. consumer spending rises strongly; outlook uncertain as fiscal stimulus fades

WASHINGTON (Reuters) – U.S. consumer spending increased more than expected in July, boosting expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and money from the…

Oil prices edge up on stimulus support despite ample supplies

SINGAPORE (Reuters) – Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market.…

U.S. core capital goods orders rise; recovery uneven as COVID-19 shifts spending

WASHINGTON (Reuters) – New orders for key U.S.-made capital goods increased in July, though the pace slowed from June’s robust gain, suggesting the rebound in business investment would be gradual amid uncertainty about the course of the COVID-19 pandemic. The…

Russian sentenced to French prison for bitcoin laundering

PARIS — A Russian bitcoin expert at the center of a multi-country legal tussle was sentenced in Paris on Monday to five years in prison for money laundering and ordered to pay 100,000 euros (more than $120,000) in fines in…