Profits from SOEs in China up in Jan-Feb

BEIJING, Mar. 21 -- Profits from State-owned enterprises (SOEs) in China have reached 331.65 billion yuan ($49.5 billion) in the first two months of the year, up 29.4 percent from the same period of last year, the Ministry of Finance said Thursday.

The ministry said that in January and February, SOEs performed better than in the past, with the growth rate of profits higher than operating revenues.

According to the ministry, the operating revenues of SOEs in January and February came to 5.14 trillion yuan, up 26.4 percent.

Comparing industries, the construction materials and chemical industries enjoyed notable increases in profits in the first two months, while both the transportation and power sectors reported a decline in profits, according to officials.