BEIJING — The combined profits of China's State-owned enterprises (SOEs) reached 961.45 billion yuan (about $148.1 billion) in the first quarter of this year, up 190 percent year-on-year, official data showed on April 27.

During the period, the profits of centrally administered SOEs rose 130 percent year-on-year to 696.57 billion yuan, according to the Ministry of Finance.

The SOEs saw their total revenue surge 33.3 percent year-on-year to over 16.37 trillion yuan.

The revenue of centrally administered SOEs went up 27.3 percent year-on-year to over 9.39 trillion yuan.

At the end of March, the debt-to-asset ratio of the country's SOEs came in at 64.3 percent, flat with the level seen during the same period last year, the data showed.