CHINA'S state-owned enterprises saw combined profits expand 9.7 percent year on year to 306.01 billion yuan (US$49 billion) in the first two months of 2013, the Ministry of Finance announced yesterday.

Profit growth was posted by SOEs operating in the electronic, petrochemical and automobile sectors. However, some SOEs in the nonferrous metal, construction material, coal and mechanical industries saw profits decline.

The SOEs represent both centrally administered SOEs and local ones under the administration of 36 provinces, autonomous regions, municipalities and cities specifically designated in the state plan.

Centrally administered SOEs posted profit growth of 9.7 percent year on year to 251.92 billion yuan. Local SOEs recorded a 16 percent dip in income to 54.09 billion yuan in the period.

The aggregate revenue of the SOEs rose 11.3 percent from the previous year to 6.51 trillion yuan while total costs hit 6.27 trillion yuan, up 11.7 percent, the ministry said.

Total assets of the SOEs reached 79.88 trillion yuan in January and February, up 13.3 percent on an annual basis.

They paid 630.62 billion yuan in taxes in the first two months, rising 8.6 percent from a year earlier, the ministry said.