China's industrial profits up 28.2% in October | govt.chinadaily.com.cn

Economy

China's industrial profits up 28.2% in October

Updated: Nov 27, 2020 chinadaily.com.cn Print
A staff member checks product quality at an auto parts manufacturing company in Beijing on Feb 10, 2020. [Photo/Xinhua]

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.

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