The rate of Chinese state-owned enterprises (SOEs) profit decline accelerated further in the period from January to September, latest official data showed. According to the Ministry of Finance (MOF) on Wednesday, Chinese SOEs' combined profits fell 8.2 percent year-on-year to reach 1.74 trillion yuan in the nine months through September.
In the Jan.-Aug. period, the growth rate was a negative 6.6 percent. SOEs' revenue dropped 6.1 percent on a yearly basis to reach 33.06 trillion yuan in the Jan.-Sept period, and their operating costs were down 5.3 percent to 32.14 trillion yuan.
SOEs in transport, electronics, power, and chemical sectors saw a bigger positive growth in profits in the nine months, companies from petrochemical, petroleum, and construction materials posted a steeper decline rate, while SOEs in steel, coal, and non-ferrous metal industries suffered further losses, the ministry said. MOF figures don't cover state-owned financial institutions, such as banks and insurers.