Chinese SOE profits bounce back in June

BEIJING - Profits and revenues of China's State-owned and State-controlled enterprises (SOEs) posted this year's first year-on-year growth in June, the Ministry of Finance said on Thursday.

Profits rose by 6 percent from a year ago last month, while revenues increased by 7.1 percent, according to a statement on the website of the Ministry of Finance.

The declines in key indicators of SOEs further narrowed during the first half, showing that their recovery momentum has consolidated, the ministry said.

Jan-June profits of SOEs fell by 38.8 percent year-on-year to 1.12 trillion yuan ($160 billion). The decline was 13.9 percentage points smaller than that registered in the first five months.

Revenues dropped by 4.9 percent from a year ago during the first half, compared with a 7.7-percent decrease posted in the Jan-May period.