The aggregate profit of China's State-owned enterprises (SOEs) in the first five months surged 65.8% to RMB 749.29 billion, the Ministry of Finance said Tuesday.
Combined business revenue of SOEs stood at RMB 11.5 trillion in the period, up 44.5% year-on-year; the profit growth rate in May was 1.2 percentage points (pps) lower than that in April, the ministry said in a statement.
Analysts attributed the rapid growth in profit and revenue to a low comparison base, as the nation's economy was severely affected by the global economic crisis in the same period last year.
The oil and coal sectors' profits increased substantially in the January to May period, the statement said.
Combined business revenue of SOEs stood at RMB 11.5 trillion in the period, up 44.5% year-on-year; the profit growth rate in May was 1.2 percentage points (pps) lower than that in April, the ministry said in a statement.
Analysts attributed the rapid growth in profit and revenue to a low comparison base, as the nation's economy was severely affected by the global economic crisis in the same period last year.
The oil and coal sectors' profits increased substantially in the January to May period, the statement said.
