State-owned enterprises post 6.1% rise in profits

State-owned enterprises in China recorded total profits of 2.084 trillion yuan ($339.41 billion) for the first 10 months this year, indicating a 6.1 percent year-on-year increase, according to the latest data by Ministry of Finance.

The total amount of liabilities reached 65.513 trillion yuan, climbing 12.1 percent, with local State-owned enterprises posting a higher growth rate than central State-owned enterprises.

Financial expenses remained at more than 20 percent. Expenses jumped 21.3 percent at central State-owned enterprises, and 14.6 percent at local State-owned enterprises, significantly dragging down the overall profitability.

State-owned and State-holding enterprises posted a rise in their total profits and paid taxes, yet the increasing costs and liabilities rose faster than the rise in revenues and assets, respectively, Ministry of Finance said.

From January to October, State-owned enterprises saw total revenues of 39.317 trillion yuan, expanding at 4.5 percent from the same period last year. Meanwhile, the total costs outnumbered the total revenue at 37.975 trillion yuan, a 4.8 percent lift.

At the end of October, State-owned enterprises posted total assets of 100.4 trillion yuan, an increase of 11.9 percent. Stakeholders' equities grew 11.5 percent, and ended at 34.898 trillion yuan.