China’s Ministry of Finance said total profits of the country’s state-owned enterprises (SOEs) increased 44.8% in the 10 months to October from a year earlier, state media reported. The combined profits amounted to US$245 billion. Profits of SOEs administered by the central government dropped 4.5% in October from September but earnings were up nearly 40% year-on-year. Provincial government-administered SOEs posted profit growth of 12.8% in October from the previous month while year-on-year their profits grew 57%. SOEs with operations in construction, chemicals, electronics and petroleum did particularly well over the past 10 months, while those involved in the coal, electricity, real estate, tobacco and transport sectors fared poorly.
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