SOE make profits

State-owned industrial en terprises aim to make combined profits of 110 billion yuan (about HK$102.89 billion) this year.

The target was made public by authorities at a national conference on the reform of domestic enterprises on Monday, the Economic Daily newspaper said yesterday, but gave no comparative figures.

Profits of state-owned industrial firms soared a year-on-year 77.7 per cent last year to 96.7 billion yuan, Premier Zhu Rongji said last month.

The newspaper report said most state-owned sectors should reverse losses or improve profits this year.

But those engaged in coal mining and military industries would remain in the red this year, though they were expected to cut losses, it said.