The profits of the mainland's state-owned enterprises rose 24.2 per cent during the first four months of 2011, compared with the year earlier period, according to the Ministry of Finance.
Firms owned or controlled by Beijing and local governments reported a combined net profit of 712.59 billion yuan (HK$850.49 billion), up from 573.74 billion yuan a year earlier. Revenues rose 24 per cent to 11.12 trillion yuan.
The profit growth rate slowed from 27.5 per cent in the year's first quarter, and 29.4 per cent in the year's first two months.
Enterprises directly controlled by the central government reported a total profit of 501.25 billion yuan in the four months, up 21.5 per cent year on year, while local government-administered companies booked a 31.2 per cent rise in profit to 211.34 billion yuan.
Sectors that saw the fastest profit growth included construction materials, light industries, chemicals, non-ferrous metals and crude oil, the ministry said in a statement, without giving profits by sectors.
Construction materials makers benefited from higher cement prices as Beijing boosted construction of low-cost housing to address the short supply.
Chemicals, non-ferrous metals and crude oil producers enjoyed significant profit gains on the back of soaring metal, petroleum and petrochemical prices, which grew faster than company operating costs.