BEIJING — Revenues of China's state-owned enterprises (SOEs) fell 11.7 percent year-on-year to 12.3 trillion yuan (about $1.74 trillion) in the first quarter (Q1) of 2020, official data showed on April 21.

Their combined profits plunged by 59.7 percent year-on-year to 329.2 billion yuan for the January-March period, the Ministry of Finance said on its website.

In March, revenues of the SOEs increased by 48.4 percent from the previous month and neared 88 percent of the level recorded in the same period last year, the data showed.

Profits of SOEs in the industry, construction and retail sales sectors reported marked growth last month from February as they have steadily advanced the work resumption of major projects.

By the end of March, the debt-to-asset ratio of the SOEs went up 0.2 percentage points to 64.5 percent, according to the ministry.