China's state-owned enterprises (SOEs) have harvested juicy returns so far this year, though growth has moderated.

In the first four months of 2011, SOEs raked in a combined profit of 712.6 billion yuan ($109.6 billion), an increase of 24.2 percent from a year ago, said the Ministry of Finance (MOF). Central SOEs earned 501.3 billion yuan ($77.1 billion) in profits.

SOEs' revenues totaled 11.12 trillion yuan ($1.7 trillion), soaring 24 percent year on year.

The SOEs also experienced a decrease in profitability as their profit-to-sales ratio came in at 4.8 percent, 0.1 percentage points lower than the same period last year.

Not every industry fared well. The steel industry and the country's biggest five power generators, for example, continued to spill red ink, said the MOF.