China's SOE profits grow at faster pace

BEIJING - Profit growth in China's State-owned enterprises (SOEs) accelerated in the first four months, data showed Thursday.

Combined profits surpassed 1 trillion yuan (about $158 billion) for the January-April period, up 18.4 percent from one year earlier, according to the Ministry of Finance.

The pace of growth quickened from the 16.7-percent rise registered in the first three months.

SOE business revenue rose 9.7 percent to 17.5 trillion yuan in the first four months, while their operating costs expanded 9.2 percent to 16.8 trillion yuan.

By the end of April, their total assets reached 166.8 trillion yuan, up 9.9 percent from a year earlier, while liabilities climbed 9.2 percent to 108.5 trillion yuan.

SOEs in sectors including iron steel, oil, petrochemical and coal posted large profit increases, while those in non-ferrous metals suffered significant declines.