(MENAFN- QNA) China's state-owned enterprises (SOEs) saw their profit growth slow in the first eight months of 2014 amid softening growth momentum in the broader economy, showed data released by the Chinese Ministry of Finance.
The combined profits of China's SOEs rose 8% year on year to 1.64 trillion yuan about (267.4 billion US dollars) during the January-August period, slowing from the 9.2% rise for the first seven months, according to China's (Xinhua) News Agency.
The rise in operating costs continued to outpace revenue growth, dimming the outlook for future profit growth.
Total business revenues for the state firms increased 5.5% from a year ago to 31.2 trillion yuan in the first eight months, while operating costs rose at a faster pace of 5.7% to 30.08 trillion yuan.
By the end of August, SOEs' total assets stood at 99.06 trillion yuan, while liabilities grew 12.3% year on year to 64.69 trillion yuan.
Between January and August, steel and transport companies reported higher profits, but coal and chemical industries saw notable drops in profits.
The figures, which exclude financial firms, were collected from SOEs in 36 provincial-level regions and those administered by the central government.
China has thousands of SOEs, 113 of which are directly administered by the country's central authorities.
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