Sinopec profit increases more than 10 bln yuan

Profits of oil giant China Sinopec increased more than 10 billion yuan (1.6 billion U.S. dollars) in the first eleven months

Huang Shuhe, vice chairman of the State-owned Assets Supervision and Administration Commission (SASAC), said the country's central state-owned enterprises (SOEs) posted strong performance from January to November.

Eleven companies including China Guodian Corporation, China Resources (Holdings), First Automobile Works Group, Huaneng Group and Sinopec, reported profit increments of more than five billion yuan during the period, and many loss-making companies had reduced losses.

"It's very difficult to obtain such results in the current complex and changeable domestic and international situation," he said.

The full-year profits of all central SOEs will reach 1.3 trillion yuan in 2013.

SASAC director Zhang Yi said on Thursday that the profits of China's central SOEs climbed 7.5 percent year-on-year to 1.2 trillion yuan from January to November.

The central SOEs have taken holdings in 385 listed companies home and abroad, which account for more than 10 percent of their assets and profits abroad, Zhang said.

He added that 89 percent of the central SOEs have adopted share holding system and 52 percent became mixed ownership enterprises, while the SOEs administered by local governments are also pushing the SOE reforms.