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 by 190 percent year on year, official data showed Tuesday.

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

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

The revenue of centrally administered SOEs roared by 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.