China's SOE profits grow at slower pace

BEIJING - Profits at China's state-owned enterprises (SOEs) continued steady growth in the first quarter, but at a slower pace, data showed Thursday.

Combined profits amounted to 711.04 billion yuan ($112.9 billion) for January-March, up 16.7 percent from one year earlier, according to the Ministry of Finance.

The pace of growth eased from the 25.3 percent rise registered in the first two months.

SOE business revenue rose 8.9 percent to 12.95 trillion yuan in the first quarter, while their operating costs expanded 8.3 percent to 12.47 trillion yuan.

By the end of March, their total assets reached 164.08 trillion yuan, up 9.6 percent from a year earlier, while liabilities climbed 8.7 percent to 106.57 trillion yuan.

SOEs in sectors including steel, coal, petrochemical and power generation posted relatively large profit increases, while those in non-ferrous suffered significant declines.