Profit of China's 169 central state-owned enterprises (SOEs) grew 27.9 percent year on year to 628 billion yuan (78 billion US dollars in 2005, a senior official said Monday in Beijing.

Last year, sales revenue of the central SOEs grew 19.8 percent year on year to 6.7 trillion yuan, said Li Rongrong, director of the State-owned Assets Supervision and Administration Commission (SASAC), at a national work conference.

By the end of December 2005, total assets of the central SOEs reached 10.6 trillion yuan, up 15 percent over the previous year; and their net assets reached 4.6 trillion yuan, up 18.1 percent, Li said.

In the first 11 months of 2005, profit of the 1,008 SOEs supervised by the 32 provincial level state-owned assets administrations grew 10.6 percent year on year to 132 billion yuan, while their sales revenue grew 20.3 percent to 2.8 trillion yuan.

By November 2005, total assets of these local SOEs reached 6.1 trillion yuan, up 13.3 percent year on year; and their net assets grew 7.7 percent to 2.3 trillion yuan.

Source: Xinhua