China's central SOEs see 4.2% profit rise in 2014

BEIJING - State-owned enterprises (SOEs) directly under the central government administration saw their combined profits hit 1.4 trillion yuan ($228.2 billion) in 2014, up 4.2 percent year on year, latest data showed.

Profits last year had the highest growth rate in three years, compared to 3.8 percent in 2013 and 2.7 percent in 2012, according to data released Friday by the State-owned Assets Supervision and Administration Commission of the State Council.

Total business revenues of the centrally-administered SOEs hit 25.1 trillion yuan last year, up 3.8 percent.

Meanwhile, the companies contributed 2.1 trillion yuan in taxes last year, up 4.4 percent, the data showed.

Currently, the central government directly administers 112 state-owned enterprises.