Profits for China's SOEs up 6.5% in first 5 months

BEIJING - China's state-owned enterprises (SOEs) reported 884.1 billion yuan ($143.34 billion) in profits in the first five months of 2013, up 6.5 percent year on year, government data showed Wednesday.

The growth rate marked a jump from the 5.3-percent profit gain in the first four months.

Of the total profits, SOEs administered by central government departments or those in which the central government has controlling stakes saw profits rise 13.8 percent to 661.96 billion yuan in the first five months, according to a monthly report released by the Ministry of Finance.

In contrast, SOEs administered by local governments saw 222.14 billion yuan in profits, down 10.6 percent, the data show. The decline also narrowed from the first four months, which registered a drop of 14.7 percent.

Business revenues of the nation's SOEs hit 17.88 trillion yuan in the first five months, up 10.4 percent, while their total assets totalled 84.31 trillion yuan as of the end of May, the data show.

The ministry said SOEs in the power, electronics and construction sectors reported relatively fast profit growth, while those in the transportation, non-ferrous metal, coal and chemical sectors saw profit declines.

The monthly report did not include SOEs in the financial sector.