Profits of China's central SOEs surge in first quarter

A worker at the production line of a State-owned steel plant in Lianyungang, Jiangsu province. [Photo/China Daily]

BEIJING - Combined net profits of China's centrally administered State-owned enterprises (SOEs) soared 26.5 percent in the first quarter to 226.42 billion yuan ($33 billion), the State assets regulator said Thursday.

Among 102 central SOEs, 99 made profits in the first three months, according to a report from the State-owned Assets Supervision and Administration Commission.