Profits of Chinese SOEs down in first five months

The combined profits of China's state-owned enterprises (SOEs) declined 6.5 percent year on year to 1.63 trillion yuan (about 243.5 billion U.S. dollars) in the first five months of the year, official data showed on Tuesday.

The SOEs raked in 30.88 trillion yuan in operating revenue in the January-May period, 9.2 percent higher from the same period last year, according to data from the Ministry of Finance.