Net profits at China’s central govt-owned firms surge 220% y/y in Q1

Net profits at China’s central government-owned firms surged 220% in the first quarter from a year earlier to 415.29 billion yuan ($63.62 billion), the State Assets Supervision and Administration Commission (SASAC) said on Friday.

Revenues in the first three months of the year rose 30.1% from a year earlier to 7.8 trillion yuan, SASAC said in a statement ahead of a news conference.
Source: Reuters (Reporting by Stella Qiu and Ryan Woo; Editing by Jacqueline Wong)