Employees work at the workshop of Harbin Electric Machinery Company Limited in Harbin, northeast China's Heilongjiang province, March 9, 2020. (WANG JIANWEI / XINHUA)
BEIJING – The combined profits of China's state-owned enterprises rose 7 percent year-on-year to nearly 1.02 trillion yuan ($155.5 billion) in the first quarter of the year, official data showed on Tuesday.
The SOEs raked in 18.6 trillion yuan in operating revenue in the first three months, 12.9 percent higher than in the same period last year, according to data from the Ministry of Finance.
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The total profits of China's centrally administrated SOEs rose 11.7 percent from a year earlier to 778.46 billion yuan, and their operating revenue topped 10.75 trillion yuan, up 14.1 percent year-on-year.
In the January-March period, the combined profits of China's local SOEs dropped 5.9 percent year on year, the data showed.
By the end of the first quarter, the debt-to-asset ratio of the country's SOEs came in at 64.3 percent, 0.1 percentage points higher than the previous year.