MOF: China 2009 SOEs profits up 9.8%

Profits for State Owned Enterprises hit above 1.3 trillion yuan last year, up close to 10 percent from the year before. According to the Ministry of Finance, December saw the first return to a growth in profits, with a rise of 24 percent from November.

While for the whole of 2009, operation revenue hit 22.5 trillion yuan, up 6 percent from 2008. Profits were largest for SOEs dealing in petroleum, cars, property and construction materials. But net earnings shrank for those dealing in steel, non-ferrous metals, and chemicals.