Central SOEs profits up 18.2% in H1

China's 113 state-owned enterprises (SOEs) administered by the State-owned Assets Supervision and Administration Commission (SASAC), or central SOEs, posted a net profit increase of 18.2 percent year on year in the first half of 2013. The net profits of central SOEs totaled 631.5 billion yuan (102.3 billion U.S. dollars) during the period. Jiang Jiemin, head of the SASAC, revealed the figures at a seminar attended by senior executives of central SOEs and heads of local SASAC agencies on July 25 to 26, according to an online statement issued by the SASAC on Monday. He said the total revenues of central SOEs during the first six months of 2013 rose 9 percent year on year to hit 11.4 trillion yuan. During the period, the SOEs had 1 trillion yuan payable in taxes and fees, up 3.4 percent from last year, according to the SASAC statement. Jiang said this year the central SOEs have been strictly following the macro-control policies introduced by central authorities and promoting economic growth via management improvements and reform initiatives. "Their overall production and operations remain smooth," he said.