High fuel prices cut SOEs' profits

China's central government-administered State-owned enterprises (SOEs) have fallen victim to this year's high fuel costs and might post a 20 percent profit decline compared with last year, said an official with the State-owned Assets Supervision and Administration Commission (SASAC).

It would mark the first profit drop in six years.

"China's central SOEs as a whole made a profit of about 1 trillion yuan last year, but this year, their revenues might only reach 800 billion yuan," said Wang Xiaoqi, director of the Planning and Development Bureau of SASAC.