Net profits of China’s centrally-owned state firms at $275 billion in Jan-Nov – state media

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The Chinese national flag is seen in Beijing

BEIJING (Reuters) -Net profits of centrally-owned state firms in China reached 1.75 trillion yuan ($274.52 billion) in January-November, the state asset regulator said on Saturday, according to state media.

Total profits of the firms totalled 2.3 trillion yuan in the first 11 months of the year, with significant profitability improvement in the oil, steel and coal sectors, according to an official with the regulator, China Securities Journal reported.

Hao Peng, head of the state-owned Assets Supervision and Administration Commission of the State Council (SASAC), also urged the companies to strictly control debt risks, and cut the scale of perpetual bonds in an orderly manner in the new year, according to the report.

($1 = 6.3748 Chinese yuan renminbi)

(Reporting by Liangping Gao, Hallie Gu and Ryan WooEditing by Mark Heinrich and Mark Potter)

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