China's major state-owned enterprises (SOEs) reported a surge of 34.8 percent in combined profits in the first quarter compared with the same period last year.

The State-owned Assets Supervision and Administration Commission reported the country's 426 major state-owned enterprises earned 248 billion yuan (32.2 billion U.S. dollars) in total profits in the first three months.

More than 74 percent of the profits, or 184 billion yuan, were made by petrochemical, telecommunications, electricity, metallurgy and coal companies.

Profits in industries including metallurgy, textiles, auto, electricity, electronics, chemicals and coal rose above the average level, with a growth between 38.5 percent and 280 percent.

The SOEs, centrally or provincially administered, recorded 2.663 trillion yuan in aggregate sales revenue, up 17.3 percent on the same period last year.

Exports surged 27.8 percent to 141 billion yuan, accounting for 5.2 percent of total sales revenue.

Source: Xinhua