BUSINESS China's central SOEs report revenue, profit growth in Q3

BUSINESS

China's central SOEs report revenue, profit growth in Q3

Xinhua

18:47, October 20, 2020

Workers connect wires for a carriage of an explosion-proof light rail train at a workshop of CRRC Changchun Railway Vehicles Co., Ltd. in Changchun, capital of northeast China's Jilin Province, July 25, 2019. (File photo: Xinhua)

BEIJING, Oct. 20 (Xinhua) -- China's centrally administered state-owned enterprises (SOEs) saw both profit and revenue growth in the third quarter (Q3), the country's state-asset regulator said Tuesday.

Revenues of central SOEs rose 1.5 percent year on year to 7.8 trillion yuan (about 1.17 trillion U.S. dollars) in Q3, the State-owned Assets Supervision and Administration Commission (SASAC) said at a press conference.

Their net profits in Q3 totaled 474.8 billion yuan, up 34.5 percent from a year ago, SASAC data showed.

In September alone, central SOEs saw their revenues hit 2.8 trillion yuan, a 4.3-percent expansion from a year ago and the highest monthly growth this year, according to the SASAC. 

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