Central SOEs see net profits surge in Q1

Official data shows the combined net profits of China's centrally administered state-owned enterprises reached 226.4 billion yuan in the first quarter of the year. [Photo:china.com.cn]

The regulator of state assets says the combined net profits of China's centrally administered state-owned enterprises soared 26.5 percent to 226.4 billion yuan in the first quarter of the year.

Among 102 central SOEs, 99 saw profits in the first three months, with 81 companies posting higher profits than a year ago.

Forty-three saw profit increases of above 10 percent.

Strong profits were posted among traditional sectors such as oil, steel, nonferrous metals and coal.

New sectors like advanced manufacturing, medicine and modern services also see rapid growth.

But an official says central SOEs may see their profit growth slow later this year because of domestic and external uncertainties.