China's SOE profits rise 10%

BEIJING - The profits of China's state-owned enterprises (SOEs) surged 10.1 percent in the first 10 months of the year from the same period in 2012, said the Ministry of Finance on Wednesday.

Profits for national and local SOEs stood at 1.97 trillion yuan ($321.50 billion) in the January-October period.

The total business revenue of SOEs grew 11 percent to 37.70 trillion yuan in the 10-month period, according to a monthly report from the ministry.

In breakdown, SOEs administered by the central government saw profits up 13.9 percent from a year earlier to 1.42 trillion yuan. Profits of SOEs administered by local governments gained 1.1 percent from the previous year to 547.5 billion yuan.

SOEs in the sectors of electronics, electricity, construction and property, transportation and automobiles recorded relatively fast profit growth during the 10-month period.

The non-ferrous metals, chemical, coal and machinery sectors saw profits decline.

The monthly report did not include SOEs in the financial sector.