Profits of Chinese SOEs up 47.6% in Jan-Oct

The combined profits of China's state-owned enterprises (SOEs) rose 47.6 percent year-on-year to over 3.8 trillion yuan ($594 billion) in the first 10 months of this year, official data showed Thursday.

During the period, the SOEs saw their operating revenue up 22.1 percent year-on-year to around 60.4 trillion yuan, according to the Ministry of Finance.

The centrally-administered SOEs saw their profits increase 44 percent year-on-year to 2.53 trillion yuan in the first 10 months. The revenue of centrally-administered SOEs rose 21.3 percent year-on-year to 33.85 trillion yuan.

At the end of October, the debt-to-asset ratio of the country's SOEs came in at 64.3 percent, flat with the level seen in the same period last year, data showed.