China’s central SOEs report steady profit growth in Q1

BEIJING — China's centrally-administered State-owned enterprises (SOEs) reported steady profit growth in the first quarter of 2019, official data showed on April 16.

The combined profits of China’s central SOEs saw a year-on-year increase of 13.1 percent to 426.5 billion yuan ($63.6 billion) in the first three months, according to the State-owned Assets Supervision and Administration Commission.

In March alone, the profits of central SOEs stood at 188.28 billion yuan, up 10.8 percent from the same period last year.

SOEs in sectors such as mining and construction outperformed the others during Q1, according to the State asset regulator.

For the January-March period, central SOEs reported combined revenue of 6.8 trillion yuan, up 6.3 percent from a year earlier.

Central SOEs have made 384.02 billion yuan of fixed asset investment in Q1, up 9.7 percent from a year earlier, 8.8 percentage points higher than that of the same period of 2018, the regulator said.