China's SOE Q1 Profits Up 3.3 Percent

(MENAFN- Qatar News Agency) ijing April 20 - Combined profits of China's state-owned enterprises (SOEs) rose 3.3 percent year on year to 533.7 billion yuan (86.66 billion U.S. dollars) in the first quarter. The growth rate was markedly lower than the 7.7 percent in the same period last year and the 5.9 percent annual growth in 2013 data released by the Ministry of Finance (MOF) showed. The slowdown was mainly seen in enterprises administered by local authorities whose profits dropped 3.8 percent year on year. Profits from SOEs administered by the central government grew 5.1 percent year on year to 432.15 billion yuan. China's SOE revenues totaled 11 trillion yuan up 5.6 percent from the same period last year while their operation costs stood at 10.64 trillion yuan up 6 percent. The amount of taxes payable totaled 940.59 billion yuan. By the end of March the total assets of the enterprises increased 11.3 percent year on year to 93.83 trillion yuan with liabilities at 60.9 trillion yuan up 11.6 percent year on year.