BEIJING, April 23 (Reuters) - Profits earned by China’s state-owned firms in the first three months of the year rose 15.6 percent from the same period a year earlier, the Ministry of Finance said on Tuesday.
Total profits stood at 819.77 billion yuan ($122.03 billion) in the period, while revenue increased 8.9 percent to 14 trillion yuan.
State firms’ liabilities increased 8.8 percent on an annual basis to 122.57 trillion yuan by end-March, the finance ministry said in a statement on its website.
Profits of state firms in oil and transportation sectors grew significantly in January-March, the ministry said. ($1 = 6.7180 Chinese yuan renminbi) (Reporting by Lusha Zhang and Beijing Monitoring Desk)