April 16, 2018 / 1:43 AM / 5 months ago

China Q1 central govt-owned firms' profit up 20.9 pct y/y - state assets regulator

BEIJING, April 16 (Reuters) - Total profit from China’s central government-owned firms for the first three months of 2018 rose 20.9 percent from a year earlier to 377.06 billion yuan ($60.11 billion), the country’s state assets regulator said on Monday.

For March, profit rose 17.8 percent on-year to 169.87 billion yuan, according to preliminary details provided by the State Assets Supervision and Administration Commission (SASAC) before a briefing in Beijing.

The average debt-to-assets ratio is at 65.9 percent at end-March, 0.4 percentage point lower compared with the beginning of this year, SASAC said.

The regulator will complete coal overcapacity cuts and firmly deal with “zombie firms,” SASAC added. ($1 = 6.2725 Chinese yuan renminbi) (Reporting by Xiaochong Zhang and Beijing Monitoring Desk Editing by Shri Navaratnam)

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