Economy

China's State firms see profit gains in Q1

(Xinhua)
Updated: 2011-04-19 09:27

BEIJING - The combined profits of China's State-owned enterprises and State-holding companies rose 27.5 percent year-on-year in the first quarter to 512.35 billion yuan ($77.6 billion), the Ministry of Finance announced Monday.

Related readings:  State firms to hand over more profits to govt  China: State firms to hand over more profits  SASAC to step up listing of central State-owned firms  China strengthens auditing on heads of State-owned firms

The growth of operating costs was higher than that of business revenue, said a statement on the ministry's website.

Business revenue totaled 8.09 trillion yuan, up 24.7 percent from a year earlier, said the statement, without providing reasons for the surge in profits and revenues.

Industries such as building materials, construction and real estate, the chemical sector saw big increases in profits from January to March. Five major power generation companies, along with enterprises under the Ministry of Railways all posted losses, said the statement.