Chinese state firms report slower profit drops in Jan-May

BEIJING - Profits at China's state-owned enterprises (SOEs) continued to slide in the first five months of the year, but at a slower pace, data showed on Friday.

Combined profits for SOEs dropped 3.3 percent to 924 billion yuan ($151 billion) during the January-May period, the Ministry of Finance said in a statement. The decline decelerated from the 5.7 percent fall registered in the first four months and 21.5-percent plunge in the first two months.

In May, the nation's three state-owned oil companies - CNPC, Sinopec and CNOOC, saw their combined profits reach 30.7 billion yuan, surging 32.8 percent compared to the previous month on rising sales and prices as well as reduced raw materials costs, the statement said.

State-owned firms in coal, steel, and non-ferrous metals saw their combined profits reach 2.74 billion yuan in May, the statement said.

During the first five months, SOEs' business revenue was down 5.9 percent year on year while operating costs fell 5.3 percent during the period.