BEIJING – The combined profits of China's state-owned enterprises rose 150 percent year on year to 548.94 billion yuan (about US$83.94 billion) in the first two months, official data showed Monday.
SOEs saw their total revenue surge 33.7 percent year on year to over 10.19 trillion yuan, an 8.2 percent growth offsetting base effects
The growth rate offsetting base effects came in at 10.2 percent during the January-February period, the Ministry of Finance said on its website.
READ MORE: Prioritizing environment over short-term profits in investment
This refers to the two-year average growth rate based on the figure from the same period in 2019, due to a low comparison base last year, the ministry noted.
ALSO READ: Hong Kong banks saw profits drop by one-third in 2020
From January to February, SOEs saw their total revenue surge 33.7 percent year on year to over 10.19 trillion yuan, an 8.2 percent growth offsetting base effects.
SOEs' debt-to-asset ratio came in at 64.3 percent at the end of February, flat with the level seen during the same period of last year, MOF data shows.