China's state-owned enterprises (SOEs) are reaping handsome profits, drawing strength from a robust macroeconomy.

In the first 10 months of this year, the SOEs generated a combined profit of 1.626 trillion yuan ($245 billion), skyrocketing 44.8 percent from a year ago, said the Ministry of Finance (MOF).

Their revenues totaled 24.568 trillion yuan ($3.7 trillion), an increase of 33.9 percent year on year. But on a month-to-month basis, the October revenue dropped 3.7 percent from September, said the MOF.

Meanwhile, the SOEs staged an improvement in profitability as their profit-to-sales ratio stood at 6.6 percent, 0.5 percentage points higher than the previous year.

But not every industry was faring well. The ministry said several sectors suffered a decline in profits, including tobacco, real estate, electricity, coal and transportation.

The broader economy has steered a steady course of growth, providing a solid floor under corporate profitability, and offsetting the impact of costs inflation, said Xia Minren, a senior analyst with the China Securities Co. Ltd.

China's SOEs reported a record profit of 1.62 trillion yuan ($244 billion) in 2007. Nevertheless, the euphoria faded abruptly as the sweeping financial storm rippled through China. The SOE profits dropped to 1.22 trillion yuan ($183.7 billion) and 1.34 trillion yuan ($201.8 billion) in 2008 and 2009, respectively.