BEIJING, July 17 -- Profits of China's state-owned enterprises (SOEs) grew faster in the first half of this year from a year earlier.

Combined profits of SOEs administered by both central and local authorities increased 8.9 percent year on year to 1.22 trillion yuan (198 billion U.S. dollars) in the year half, the Ministry of Finance (MOF) said on Thursday.

The rate outpaced the 7-percent growth estimate in the first six months of last year.

SOE revenues totaled 23.31 trillion yuan, up 5.9 percent, with operation costs of 22.47 trillion yuan, up 6 percent. The amount of taxes payable rose 6.3 percent to 1.89 trillion yuan.

Total SOE assets rose 11.9 percent to 97.01 trillion yuan.